Niyi Adebayo, minister of industry, trade and investment, says Nigeria will not be a dumping ground for unidentified products from other African countries following the African Continental Free Trade Agreement (AfCFTA) implementation plan.
Adebayo gave the assurance at a press briefing during a two-day tour of Delta state by the national action committee (NAC) on AfCFTA.
The AfCFTA, which took off in January 2021, is a trade agreement with the aim of creating a single market for goods, services, investments, and movement of persons to increase intra-African trade and further deepen the economic integration of Africa.
The minister who was represented by Aliyu Abubakar, director of trade in the ministry, said the AfCFTA would provide a platform to ensure that every product has an identifiable place of origin.
Advertisement
“Countries through AfCFTA agreed to liberalise 90 percent of their products to the market. The remaining 10 percent is left under special and sensitive products that they may wish to keep,” Adebayo said.
“The main objective of the agreement is to liberalise trade so that African countries can trade more among themselves and through that, African economies will be integrated.
“As regards flooding of the market with substandard products, there are mechanisms in place in the agreement.
Advertisement
“The rule of origin is a criterion where participating countries must source their products locally. There is also a provision to guide against transhipment of products outside the African market.”
The minister asked Delta state government to key into the AfCFTA in showcasing its potentials in oil palm, aquaculture and other products in a larger African market.
In his remarks, Kingsley Emu, chief economic adviser to Delta state governor, said the AfCFTA offered an avenue for private individuals to explore opportunities at the larger market.
Emu also said the trade and job creation ability of the agreement would be unprecedented in Africa.
Advertisement
Add a comment
