President Muhammadu Buhari on Monday said that the implementation of the Africa Continental Free Trade Agreement (AfCFTA) will lead to a rise in Nigeria’s export to other African countries by 15 percent.
Buhari said this at the ongoing 9th edition of the Union of African Shippers’ Council (UASC), meeting tagged, ‘African Continental Free Trade Agreement: A veritable platform for African Shippers to mainstream into global trade’, holding in Lagos.
The President who was represented by the Minister of State for Transportation, Prince Ademola Adegoroye, stated that for AfCFTA to have a positive influence on long term investment in productive capacities, African government must develop appropriate supporting policies, build requisite infrastructure and ensure an educated work force.
According to President Mohammadu Buhari, “Specifically, Nigeria’s exports to the rest of African would increase by more than 15% in fishery, textile, wearing apparel, leather, wood and papers, metals, electronics, vehicles and transport equipment and machinery (for industrial sectors) and in meat and poultry, milk and dairy products.
“Others are, rice, other cereals, plant-based fibers and other crops, fruit, vegetables, nuts, vegetable oils, other food products, beverages and tobacco as well as livestock (for agriculture and food sectors).
“Following the AfCFTA reform, Nigeria’s exports would increase significantly to other African sub-regions, outside West Africa, with most impressive expansions to countries such as Botswana, Cameroon, Egypt, Ethiopia, Kenya, Malawi, Morocco, Mozambique, Namibia, Rwanda, Tanzania, Uganda and Zimbabwe. Also, due to her sheer economic size, Nigeria, among African nations is expected to experience the largest absolute expansion in intra – African exports.”
President Buhari, however, advised African countries on needs to make AfCFTA a reality by creating national institutions to implement the agreement.
