Buhari will not agree to anything that will undermine local manufacturers in Nigeria
President Buhari believes that the Economic and security implications of Nigeria signing the AfCFTA need to be further discussed and made clearer.
Nigeria's President Muhammadu Buhari has said he will not agree to anything or pact that will undermine local manufacturers and entrepreneurs in the country.
Buhari was reacting to the refusal to sign the African Continental Free Trade Agreement during the Federal Executive Council (FEC) meeting on Wednesday, March 21, 2018.
"We will not agree to anything that will undermine local manufacturers and entrepreneurs, or that may lead to Nigeria becoming a dumping ground for finished goods," Buhari said.
At the meeting, the Nigerian president had set up a Presidential Committee to widen consultations on the African Continental Free Trade Area (CFTA) Agreement and report back to FEC within 2 weeks.
The Presidency said the AfCFTA is a far-reaching decision that requires the widest possible consultations amongst all stakeholders.
Nigeria’s president Muhammadu Buhari and South Africa’s Cyril Ramaphosa have been left out as 44 African presidents sign the continental free trade agreement.
On Wednesday, March 21, 2018, African leaders agreed to form a $3 trillion continental free-trade zone encompassing 1.2 billion people.
With Africa’s two biggest economies, Nigeria and South Africa, dragging feet to sign the agreement, the impact and aim of the agreement might be seen as diminishing.
In a series of tweets, President Buhari “Any African Free trade agreement must Fairly and Equitably represent the interest of Nigeria, and indeed, her African brothers and sisters.”
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