The African Free Trade Area (AfCFTA) has the potential to lift millions of people out of poverty and end food insecurity on the Continent, but Nigeria has not been positioned as the ‘real’ stakeholder for agro-export under this agreement.
Captain John T Okakpu, MD/CEO, abx world Limited, dropped the hint over the weekend, stressing that the country participation and gain from AfCFTA, in the agricultural value chain, depends on the effectiveness and implementation of government policies, especially in the agricultural sector. He said that AfCFTA will form a $3.4 trillion economic bloc, which Nigeria cannot afford to leave.
Available reports show that trade between African nations in agricultural products as a percentage of Africa’s total agricultural trade remains below 20 per cent long, one of the lowest in any region. Total trade between African nations was only 2 per cent in the period 2015–2017, compared with 67 per cent in trade between European countries, 61 per cent in Asian countries, and 47 per cent in the Americas, according to UN trade agency UNCTAD. Now, AfCFTA intends to change the narrative. It has created the world’s largest free trade area, representing the 1.2 billion consumer market, and mandates states to remove tariffs and non-tariffs in order to boost shipments and services between nations, and boost economic growth in doing so.
Read more from the source- EIN