President Buhari Inauguration Of National Action Committee For The Implementation Of African Continental Free Trade Area Agreement

President Buhari Inauguration Of National Action Committee For The Implementation Of African Continental Free Trade Area Agreement

It is my pleasure to welcome and address you the Members of the National Action Committee for the Implementation of the African Continental Free Trade Area Agreement on the occasion of your Inauguration.

As you also know, Trade is pivotal to job creation, growth and health of the economy. It is also a key enabler for regional and global integration.

The African Continental Free Trade Area Agreement is an important part of the African Union- 2063 Agenda to promote economic and social integration on the continent.

We are very hopeful of creating a single African market for “Made -in- Africa” goods and services. This trade, together with free movement of people and capital will result in faster integration of African economies.

As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices.

Nigeria’s approach to the African Continental Free Trade Area Agreement has been very measured and consistent. Our logic was simple, as Africa’s largest economy and most populous nation, we cannot afford to get it wrong.

We consulted all key stakeholders. We also conducted a rigorous impact and readiness evaluation. It was after these consultations and studies, and satisfactory reports that I signed the African Continental Free Trade Area Agreement on behalf of Nigeria in July this year.

We know the benefits and understand the challenges. It is clear that for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans.

This therefore requires aligning, restructuring existing development projects, programme and initiatives. Where there are gaps, we must address them. Accordingly we have established the National Action Committee on AfCFTA.

As a Committee, your mandate is to support the efforts of Ministries, Departments and Agencies of government, stakeholder associations and businesses to realize the benefits of the AfCFTA, while putting measures to address any threats that may arise. All parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy.

I have directed all key Ministers and Senior Government officials to provide maximum support to your Committee.

For us as a government, our expectation from this agreement is job creation for our youth, increased production of our local raw materials and ultimately, exporting quality Made in Africa goods.

You are to submit quarterly reports on your progress, and I look forward to receiving your first report in March 2020.

It is now my pleasure to inaugurate the National Action Committee on the African Continental Free Trade Agreement.

Congratulations and best of luck on your national assignment.

Thank you and God bless the Federal Republic of Nigeria.