THE Director-General of the Nigerian Office for Trade Negotiations (NOTN) Yonov Fred Agah has said that the ongoing African Continental Free Trade Area (AfCTA) negotiations on rules of origin and Customs cooperation are slow and gradual in order to ensure that Nigeria is not a dumping ground.
Yonov, who spoke at the closing ceremony of the National Simulation Skills Course organised by the (NOTN) held on Friday in Abuja, said the trade negotiation office was taking steps in engagement with stakeholders to enable Nigeria got a better deal from AfCTA.
“It’s not a matter of being in a hurry; it’s a matter of getting it right in our negotiation deals. We are doing this so that the continent and our country do not become a market for third parties, but truly a market for African companies for value additions and better value chains that creates wealth.”
He stressed that involving members of the private sector and the National Assembly was key to getting a better deal in the continental trade negotiations.
Speaking on why the continental trade pact had not commenced fully despite officially kicking off on January 1, 2021, he said vital negotiations on ‘trade in goods’ were not yet finalised.
“The full swing of AfCFTA is going to be gradual. As we speak, politically, trading started on January 1 2021. In reality, we are still grabbing with the rules of origin, documentation, payment system, elements of customs cooperation and final agreements and they are not fully resolved.”
Nora Daduut, senator representing Plateau South Senator District and a member of the Senate Committee on Trade and Investment, also pledged the support of the National Assembly to ensure Nigeria got a better trade deal for wealth creation.
“I have observed with interest the deliberations at the just concluded programme. I believe Nigeria is taking advantage of all the opportunities and would reap the benefits in the nearest future.”
Also, a senior official of the World Trade Organisation (WTO), Dickson Yeboah, told The ICIR on the sidelines that the training had equipped the Nigerian team with better skills for trade negotiations.
He said: “The WTO deals with trade agreements and the legal framework, which have to be favourable to enable Nigeria reap the intending benefits and grow export markets to the world.”
A representative of the Manufacturers Association of Nigeria, MAN, at the event, Oluwasegun Osidipe, told The ECONOMIC TIMES that the engagement with relevant stakeholders was key to factoring in on all necessary concerns.
“This is the way to go by opening up engagement and involving all stakeholders,” he said.
The main objectives of the AFCTA, it would be noted, are to create a single continental market for goods and services, with free movement of goods and persons, paving the way for accelerating the establishment of the Customs Union.
According to World Bank reports, the AfCFTA agreement will create the largest free trade area in the world measured by the number of countries participating.
The pact also connects 1.3 billion people across 55 countries with a combined gross domestic product (GDP) valued at $3.4 trillion.
It has the potential to lift 30 million people out of extreme poverty, but achieving its full potential, analyst day will depend on putting in place significant policy reforms and trade facilitation measures.
