The Federal Government Wednesday,
said it was not in a hurry to sign the controversial African Free Trade
Agreement (AFCFTA).
The FG cited its implication on
the nation’s economy as the major reason for the delay.
Special Adviser to the President
on Economic Matters, Dr Adeyemi Dipeolu, disclosed this in Ibadan at the 60th
anniversary lecture of the Department of Economics, University of Ibadan.
“Nigeria’s reluctance in signing
the African Free Trade Agreement is based on the commitment to ensure that only
what will benefit its economic interest is implemented as a policy,’’ Dipeolu
said.
Dipeolu, who was the chairman of
the occasion, however, said there was the need for the country to diversify its
economy into export and increase its revenue base.
“We have to look at the current
theory to influence our trade policy while our policy on transshipment must be
addressed, ” he said.
He, therefore, challenged
educational institutions to take the lead in championing economic analysis on
policy issues.
Also speaking, the Coordinator,
African Trade Policy Center (ATPC), United Nations Economic Commission for
Africa (UNECA) Dr David Duke, said African countries must have a strategy to
benefit from the agreement.
Duke who is the guest lecturer
spoke on the topic: Economic Rationale of the African Continental Free Trade
Area.
Duke noted that Nigeria would
benefit from intra-African trade as it would become a game changer in
stimulating growth and boosting industrialisation.
“The agreement may well offer
better opportunities for African economies to industrialise than African
relations with external partners.
“The average tariff when we
export our goods is eight per cent compared to the two per cent export and we
are looking towards bringing the eight per cent back to us,” he said.
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