Nigeria leads African countries for multilateral trade talk in line with EU directive

African countries, under the aegis of African Union (AU), have agreed to empanel a trade negotiation talk to promote multi lateral relations in line with demand by the European Union as a prelude to having them benefit from a series of aids to the continent.

To this effect, Nigeria will be leading other countries for trade among countries in Africa and which will lead to signing the Continental Free Trade Agreement (CFTA).

The 11-day meeting, in which the Federal government will be fully participating, is scheduled to hold in Rwanda from next week, according to a statement released in Abuja on Tuesday by the spokesman of the Minister of Industry, Trade and Investment, Constance Ikokwu.

She said the other 53 African countries for the conference will be expected to negotiate the terms of CFTA text being reviewed by the six technical working groups earlier set up.

According to her, the Nigerian trade team would press for flexibility in trade relationship that would allow it to safeguard its economy from a flood of imports, though it will not block any move for each country wishing to run an open economy.

“These negotiations are a geo-strategic imperative because of Nigeria’s standing, position and leadership. Nigeria has a duty to provide leadership, inter alia, because the CFTA negotiations are based on a mandate from the Summit of Heads of State and Government of the African Union.

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“Increasing intra-African trade is crucial in a global economy that is turning protectionist. The CFTA negotiations provide a huge opportunity for economic growth and increased welfare in Africa, in a global economy in rapid but uncertain transformation.

“At the same time, we will continue to take into cognizance the complexities of our domestic market and ensure appropriate safeguards for the Nigerian economy.”

Though AU had earlier set an agenda for broadening trade relationship among its members, it was learnt that the EU promise to stake about $60 billion aid facilities for the development of trade and commerce in the continent had spurred them into quicker action.

But it would be recalled that the Manufactures Association of Nigeria (MAN) had not been in agreement with Nigeria entering into any agreement that could throw open its borders for all types of imported goods to come in at the expense of locally made ones.

Dr. Frank Jacob, MAN President said the economy would be worse for it, if government accepted any financial facilities tailored in line with the one from the EU.

But the Minister of Industry, Trade, and Investment, Aisha Abubakar, said the meeting would take a lot into consideration.

 

 

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