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Ifeanyi Onuba, Abuja
Finance Minister Kemi Adeosun on Wednesday explained why President Muhammadu Buhari had not given his badent to the African Free Trade Agreement, which is expected to increase intra-African trade by 52.3%. The Federal Executive Council had approved on March 14 that Nigeria should sign the framework agreement for the creation of the initiative.
But few days before the signing of the agreement, President Muhammadu Buhari It has already been removed from the meeting of the African Union where the pact was to be signed by 55 African countries.
Already, 44 African countries have approved the agreement that will allow them to form a free trade mainland of $ 3 billion.
AfCFTA identifies seven groups of priority actions for its implementation.
It is about trade policy, trade facilitation, production capacity, trade-related infrastructure, But at the opening session of the Annual Meetings from the African Export-Import Bank in Abuja, the finance minister said the president had refused his consent to allow the federal government to consult more with key stakeholders. She said the government was badessing the impact of the agreement on the economy, noting that soon a decision would be made on the issue.
The trade agreement was too important for the country to sign in haste without ensuring that the interest of all segments of the economy was protected.
According to her, the government has initiated a national consultation with state governments, local government authorities. as manufacturers and other stakeholders
The Minister noted that the government had almost completed the consultation, adding that a decision would soon be made "
Adeosun said:" We have conducted many consultations in all the country with groups of manufacturers and other stakeholders. People ask legitimate questions about how AfCFTA affects them.
"It is extremely important that Nigeria take its time to do this, because we must never be in a hurry to avoid deceiving ourselves, we must do things right and that is why we must follow all Reasonable processes, so that we can say that we have done everything we are supposed to do.
"So that's just what has"
M. Adeosun called on AFREXIM Bank to invest more to promote trade and investment on the continent and support business growth.
The Minister said, "We are tired of hearing rhetoric about the potential of Africa; put them into action.
"As a government, we are working to promote real growth and sustainable trade on the African continent.We must transform our national economies and we must transform trade."
The Minister urged AFREXIM Bank to continue its trade promotion and infrastructural development, and expressed confidence that the meeting will provide opportunities for African businesses.
million. Benedict Oranma, President of AFREXIM Bank, said the implementation of AfCFTA would accelerate the integration of African markets, promote regional value chains and promote dynamic comparative advantages across the continent for some countries. types of goods.
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