A Professor of International Economic Relation, Covenant University, Prof. Jonathan Aremu, has said that Nigeria exporters would greatly benefit from African Continental Free Trade Area (AfCTA) through 90% elimination of their export tariffs.
He made this known during a strategic workshop for exporters themed: Role of AfCTA in the Growth and Development of Intra African Trade, organized by the Legal Unit of the Nigerian Export Promotion Council, Abuja held in Uyo over the weekend.
Recall that the Minister of Industry, Trade and Investment, Otumba Adebayo last month hinted that AfCFTA would provide Africa a combined Gross Domestic Product (GDP)of $3.4 trillion, adding that 90 percent tarrifs of tradable goods will be eliminated in the process.
But Aremu, who noted that Africa urgently needs economic integration due to her low contribution to global GDP, said that only 10 percent of the tradable products will attract tariffs.
Speaking on the topic; Role of AfCTA in the Growth and Development of Intra African Trade, the professor said that the move “will expand market access for Nigeria’s exporters of goods and services which in turn would catalyse production growth and boost job creation for the economy.
“Continental trade in Africa is very low and AfCFTA becomes very important and less expensive as it will eliminate 90% of export tariffs among member nations.”
In his keynote address, the Chief Executive Officer of NPC, Mr Ezra Yakusak, urged the exporters to fully embrace the Continental Free Trade to ensure that Nigeria is not made a dumping ground by other nations.
The CEO, represented by Mr Ben Achor, the Assistant Chief Trade Promotion Officer, expressed optimism that all barriers to trade would be removed, adding that AfCFTA would “make African Continent a single market place,”.
He said, “I want to see to it that all hands are on deck to ensure that together we all shall make certain that Nigeria benefit from the AfCFTA so that it does not become another ECOWAS Trade Liberation Scheme (ETLS) or African Growth Opportunity Act (AGOA)”.
In her welcome address, the Deputy Director/Trade Promotion Advisor, Uyo Assistant Office, Mrs Pauline Ndulaka, said AfCFTA will create employment within the Continent as more trading activities will be done.
Ndulaka, represented by the Senior Promotion Officer, Mrs Edward Affiong, noted that NEPC would continue to equip and guide exporters and would-be exporters on how to navigate the export corridors.
