How African Continental Free Trade Agreement, AfCFTA can yield expected results - Ahmad Lawan

Nigeria’s Senate President, Ahmad Ibrahim Lawan, says for the African Continental Free Trade Agreement to yield expected results, the agreement must be backed by requisite legal frameworks, right policies and robust implementation.

Lawan, who made the suggestion yesterday, Tuesday September 21, in his speech read by Deputy Senate Leader, Ajayi Boroffice, during the visit of the AfCTA Secretary General, Wamkele Mene, emphasized that the intent behind Nigeria’s decision to sign the agreement was to benefit Africans on the continent and outside it.

He stated: “Aside facing the challenges of unemployment, and underemployment, which have been a trigger for both regular and irregular migration, the economies of African countries have been characterized by low productivity, reduced efficiency, and the problem of limited resources.

“The African Continental Free Trade Agreement is therefore a step in the right direction for the growth of African economies, through limited restrictions, leading to the stimulation of trade, commerce, and industry.

“In signing the African Continental Free Trade Agreement (AfCFTA), and depositing the instrument with the African Union Commission, our countries made a statement on the determination of our collective economic fate.

“This fate is in our hands, through requisite legal frameworks, right policies, and a robust implementation.

“The initial momentum from the signing of the agreement needs to be continued, for a greater continental impact, to benefit Africans, both on the continent and outside it.

“Nigeria’s action in signing was not just an evidence of our commitment to the spirit of Africa, but a sign of our trust in a unified economic growth. The multiple benefit of the arrangement is also not lost on us.

“The Nigerian Office for Trade Negotiations, which is the agency of government, responsible for managing, coordinating, and leading all trade and trade related negotiations, has the clear mandate of managing Nigeria’s side of the agreement.

“As the biggest market and economy on the continent, we have a strategic role to play in the evolution and stabilization of the African economy. We are ready to expand the possibilities through our status, with your confidence in us, and the demands of posterity”.

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