Benefits on African free trade huge – Osinbajo

Vice President Yemi Osinbajo said yesterday that the benefits of signing the African Continental Free Trade Area were huge for the country.
Osinbajo said this at the 8th Presidential Quarterly Business Forum with focuses on the export sector and the African Continental Free Trade Area (ACFTA).
“With respect to the ACFTA, there are clearly huge advantages for us, no question about it at all. The rest of Africa can see the enormous advantage of Nigeria’s participation and everybody is waiting for us naturally and that is because they see a huge market. There are advantages of our being there.
“But we must ensure we get the best possible terms for Nigerian trade and commerce. Our experiences with dumping and other injurious practices make it obvious to us that our market could be a real target, our local manufacturing could become unprofitable, our agricultural advantage could be reversed.
“Consequently, we have embarked on an extensive consultation with trade groups, manufacturers and organized labour in all the six geo-political zones in other to get a clear sense of concerns as we navigate the process of signing the treaty. “
Also speaking, Minister of Industry, Trade and Investment, Mr. Okechukwu Enelamah, said there was the need to be on the negotiating table while taking care of the concerns raised by the private sector, else, Nigeria would be shut out.
“If we are not at the table when the engagement is going on, those at the table decides, so, if we are not at the table, we actually run a risk of being shut out. I have had meetings with some of the lead manufacturers and what we have proposed going forth is that, both Manufacturers Association of Nigeria and other stakeholders should join our working committee to make sure we engage.”