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Nigeria needs to urgently ratify AfCFTA to gain maximum benefits from the treaty – NESG

Authors:

Aderemi Ojekunle
Asue Ighodalo Chairman, NESG, President Muhammadu Buhari and Pat Utomi at the NES 25 in Abuja
Asue Ighodalo Chairman, NESG, President Muhammadu Buhari and Pat Utomi at the NES 25 in Abuja
  • NESG urges the Nigerian government to take urgent steps to ratify the Continental Free Trade Agreement (AfCFTA) for maximum gains.
  • The think-tank group says urgent ratification will enable the country to become a ‘State Party’, by participating effectively in the on-going negotiations.
  • The group also advises Africa's populous nation to do more to attract real investments into key sectors of the economy.

The Board of Directors of the Nigerian Economic Summit Group (NESG) has urged the government to take urgent steps for sequencing the effective integration of the Nigerian economy into the African Economy through the ratification of the Continental Free Trade Agreement (AfCFTA).

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The NESG gave this advice while reviewing global and domestic economic and financial environments, as well as the outlook for the rest of the year 2020 at its first meeting on February 18th, 2020.

L-R: Mr. 'Laoye Jaiyeola; CEO NESG, Mr. Ed Ubong; Managing Director; Shell, Mr. Folusho Phillips; Chairman Phillips Consulting; NESG, Mr. Asue Ighodalo; Chairman; NESG, Ms. Eme Lore; Country Manager; IFC, Dr. Ayo Teriba; Economist, Mr. Andrew Nevin; Partner and Chief Economist; PwC at the official launch of the NESG 2020 Macroeconomic Outlook Report themed: "Nigeria in the New Decade" in Lagos.
L-R: Mr. 'Laoye Jaiyeola; CEO NESG, Mr. Ed Ubong; Managing Director; Shell, Mr. Folusho Phillips; Chairman Phillips Consulting; NESG, Mr. Asue Ighodalo; Chairman; NESG, Ms. Eme Lore; Country Manager; IFC, Dr. Ayo Teriba; Economist, Mr. Andrew Nevin; Partner and Chief Economist; PwC at the official launch of the NESG 2020 Macroeconomic Outlook Report themed: "Nigeria in the New Decade" in Lagos. Pulse Nigeria

In a document issued by Asue Ighodalo, Chairman, Nigerian Economic Summit Group, said the board commended the federal government for signing the Africa trade pact last year.

“Having signed the agreement, there are a number of urgent steps for sequencing effective integration of the Nigerian economy into the African Economy through AfCFTA.

“Specifically, Nigeria needs to ratify the agreement to become a ‘State Party’ which will enable us to participate effectively in the on-going negotiations of the treaty.

President Muhammadu Buhari signs the African Continental Free Trade Areas (AfCFTA) agreement [Twitter/@BashirAhmaad]
President Muhammadu Buhari signs the African Continental Free Trade Areas (AfCFTA) agreement [Twitter/@BashirAhmaad] Pulse Nigeria

“There is also a need to commence work towards ensuring the alignment of domestic policies and regulations with the Agreement. We must also expedite implementation of trade readiness priorities to gain maximum benefit from AfCFTA,” the think-tank group said.

The group also advised Africa's populous nation to do more to attract real investments into key sectors of the economy, giving a shortage of capital inflow. To improve this, it said Nigeria must demonstrate the commitment to attract and protect investments.

Nigeria signed the agreement on July 7th, 2019, but it is yet to ratify the AfCFTA citing various trade issues and currently closed its borders.

Authors:

Aderemi Ojekunle

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