ACFTA: Nigeria is in no hurry to make a mistake

Finance Minister Kemi Adeosun said Wednesday that Nigeria is taking its time to examine the pros and cons of the African Continental Free Trade Agreement (ACFTA) before signing.
Adeosun stated this in Abuja at the 2018 Afreximbank Annual Meetings, with the theme: "Empowering Africa through regional integration"
She said that the African trade agreement was too important for the country to sign without ensuring that the interests of its people were protected.
the government launched a national consultation with state governments, local government authorities, manufacturers and other stakeholders.
The minister revealed that the government had almost completed the consultation. "We have had a lot of consultations in the country, with groups of manufacturers and other stakeholders."
Adeosun said, "We have done a lot of consultations in the country, with groups of manufacturers and other stakeholders."
"It is extremely important that Nigeria take the time to do so because we must never be in a hurry to deceive ourselves.
"We have to do things right and that's why we have to follow the whole process so that we can say we've done everything we're supposed to
"So that's just what has happened in recent months."
Meanwhile, South African President Cyril Ramphosa said that , apart from the obvious gains of the AfCFTA, which aims to improve intra-African trade, it would also improve its banking sector.
ACFTA also offered great opportunities for other financiers and has He said: "With the signing of the ALE, the banks African countries will also see great opportunities for infrastructure development. "I know for a fact that the EU Development Bank has already underlined the importance of the FTA and Africa's development in relations with the development and financing of the programs of the EU.
"" This is because they have already seen excellent business opportunities for a number of entrepreneurs, as well as countries. "
Ramphosa also spoke of the need for collaboration between the private and public sectors AfCFTA is expected to cover 1.2 billion Africans with a gross domestic product of 2.5 trillion dollars and by 2050 it will cover four billion Africans. The agreement is expected to boost intra-African trade from 16 percent to 53 percent, with corresponding growth in GDP and an increase in employment and job creation on the continent.
49 African countries signed the agreement, leaving Nigeria and others.