Why Nigeria will not be rushed into African free trade agreement – Buhari

President Muhammadu Buhari has again given reasons why Nigeria will not be rushed into the African Continental Free Trade Area (AfCFTA) treaty.

Although Nigeria was a prominent facilitator to the drafting and adoption of the agreement, the country was among the few countries that did not join in signing the final document.

Despite pressure from many Nigerians, the government said its decision to withhold signing the deal was to allow for broader consultation amidst an outcry from trade unions that Nigeria would not benefit much from the deal.

At the presentation of the report on the impact of the AfCFTA and Nigeria’s readiness for it on Thursday, President Buhari restated his administration’s resolve not to rush into any agreement without full and proper consultation with all stakeholders.

According to him, the committee’s report will form part of the consideration by government for its decision on the next steps on the AfCFTA and the broader trade integration subjects.

The President said, “Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around.

“Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis. The AfCFTA will have both positive and negative effects on us as a nation and on our region.

“As Africa’s largest economy and most populous country, we cannot afford to rush into such agreements without full and proper consultation with all stakeholders.”

The AfCFTA treaty is one of the flagship initiatives of the African Union Agenda 2063, aimed at creating a single continental market for goods and services, with free movement of business persons, investments and a single currency across the continent.

The treaty, also commits countries to remove tariffs on 90 per cent of goods and liberalise services, while sensitive items, which make up the balance 10 per cent, will be phased out later as tariff-free.

The first phase of the agreement was adopted and signed by the African Union Heads of States and governments at its 10th Extraordinary Summit in Kigali, Rwanda, on March 21, 2018.