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Abuja – Finance Minister Kemi Adeosun said on Wednesday that the federal government would carefully review the African Continental Free Trade Agreement (FTA) before signing it.
Adeosun stated this at the 2018 Annual Meetings of Afreximbank with the theme "Empowering Africa through Regional Integration" in Abuja
She stated that the trade agreement was too important for the country to sign without ensuring that the interest of its people was protected.
She indicated that the government had initiated national consultations with state governments, local government authorities, manufacturers and other stakeholders.
The Minister revealed that the government had almost completed the consultations and would soon decide to sign the agreement or
"We conducted many consultations across the country with manufacturers and other parties Itimate questions about how AFCFTA affects them.
"We have to do things right and that's why we have to follow due process so we can say we've done everything." that we are supposed to do. While President of South Africa, Mr. Cyril Ramphosa, said that in addition to improving intra-African trade, the AfCFTA would also improve its banking sector.
He added that AfCFTA also offered great opportunities for other financiers and attracted foreign direct investment to the continent.
"With the signing of the FTA, African banks will also see great opportunities for infrastructure development." They will see that African countries are now serious in developing trade and that this will offer them opportunities "19659002" "I know for a fact that the EU Development Bank has already stressed the importance of CFA.LAF in relations with the development and financing of education programs. infrastructure
"It's because they've already seen great business opportunities for a number of entrepreneurs and countries," he said. 19659002] Ramphosa The AfCFTA is expected to cover 1.2 billion Africans with a gross domestic product of $ 2.5 trillion, and in 2050 it would cover four billion Africans, constituting 36% of the population. the world population
The agreement is expected to move intra-African trade away from 16% to 53%, with corresponding growth in GDP and an increase in employment and job creation on the continent.
49 African countries signed the deal, leaving Nigeria and others. (NAN)
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