The President of Nigeria, Muhammadu Buhari has defended his country’s decision not to sign the continental free trade deal just yet despite participating in earlier discussions.
The president of Africa’s biggest economy was missing from the signing ceremony in Kigali on Wednesday when some 44 other African leaders signed the world’s largest free trade area.
The African Continental Free Trade Area (CFTA) with 55 African Union (AU) members would mean the African Union would have a cumulative gross domestic product of US$2.5 trillion.
Buhari on his official Twitter account said “We will not agree to anything that will undermine local manufacturers and entrepreneurs, or that may lead to Nigeria becoming a dumping ground for finished goods”.
President Buhari believes “that the Economic and security implications of Nigeria signing the #AfCFTA Agreement need to be FURTHER discussed. This is a far-reaching decision that requires the widest possible consultations amongst all stakeholders.”
The President believes that the Economic and security implications of Nigeria signing the #AfCFTA Agreement need to be FURTHER discussed. This is a far-reaching decision that requires the widest possible consultations amongst all stakeholders.
— Presidency Nigeria (@NGRPresident) March 21, 2018
President @MBuhari: We will not agree to anything that will undermine local manufacturers and entrepreneurs, or that may lead to #Nigeria becoming a dumping ground for finished goods. #AfCFTA
— Presidency Nigeria (@NGRPresident) March 21, 2018
African countries only do about 16 per cent of their business with each other with the African Union hoping to change this trend.
The CFTA is a major project of the AU’s long-term development plan Agenda 2063, which emphasis the need to ease trade and travel across the continent.
AU member states in January this year agreed to a common air transport market that could drive down air fares, as well as plans for visa-free travel for Africans across the continent.
The latest deal could create thousands of jobs for the continent’s jobless youth.
Source: Africafeeds.com
