Opinion: The AfCFTA, Nigeria’s Border Closure and the COVID-19 Pandemic, By Ope Oriniowo
Notwithstanding, Nigeria’s benefit from the AfCFTA will be dependent not just on a deep understanding of the document by our policy makers but also their ability to cascade information to the public and position the Nigeria economy post-COVID-19 to leverage on the free trade agreement, particularly in the area of production.
At a stakeholders meeting organised recently by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture , the organised private sector, with the attendance of organisations such as the Nigerian Association of Small Scale Industrialists , Manufacturers Association of Nigeria , Nigeria Employers’ Consultative Association , National Association of Nigerian Traders , and Federation of Agricultural Commodities Association of Nigeria , unanimously agreed that micro, small...
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Before we get ahead of ourselves, this is not to equate all bilateral and regional free trade agreement to fair trade, but it must be emphasised that it is trade that will move our people out of poverty, not the foreign aid we have grown accustomed to and dependent upon. No country better exemplifies this than China, which reduced the head count ratio of poverty by its official poverty line, which is about 21 per cent higher than the line set at $1.
To provide a broader context for the imperative of the AfCFTA, Africa presently accounts for just 2.4 per cent of the global GDP with intra-African trade accounting for about 12 per cent, compared with the North America Free Trade Agreement of 40 per cent, and 63 per cent between economies of Western Europe and 30 per cent for Association of Southeast Asian Nation .
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