AfCFTA: Nigeria needs to strengthen domestic firms – Experts

With January 2021 fixed for the commencement of the African Continental Free Trade Area (AfCFTA) agreement, experts have advanced the federal government to strengthen the competitiveness of domestic firms in the country, especially those in the real sector.

The Nigerian government ratified the agreement on November 12, ahead of the December 5 deadline issued by the African Union to its 55 member states, as AfCFTA is expected to commence January 2021.

The experts described the ratification of the AfCFTA by Nigeria as a good move that will ultimately be in the country’s best interest, noting that it must position itself to make the best of it.

The Director-General of Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf opined that the ratification has addressed the uncertainties within the Nigerian business circle concerning the FG’s stance on AfCFTA.

Mr. Yusuf said, “The next step is to support the Nigerian private sector to take advantage of the 1.2billion market and $2.5trillion GDP, which offers tremendous opportunities.

“We need to liberate them from the shackles of constraints putting pressure on their costs and inhibiting their competitiveness. The quality of our infrastructure needs to improve, our policies need to facilitate competitiveness, our regulations need to support business growth, and our institutions need to demonstrate a better appreciation of the value of investment and investors in the economy.”

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