The Vice President of Nigeria, Prof. Yemi Osinbajo, SAN, has said that free trade in Africa may not be necessarily fair for Nigerian’s vision for intra-Africa.
The vice president made the statement on Wednesday, 27th June 2018 at the opening ceremony of 2018 Annual Conference of NBA-SBL in Abuja.
According to him, the establishment of African Continental free trade area is very complex and there are many thorns and storms on the way.
He said however that the government has carefully laid out steps and has participated fully especially in the area of negotiation leading to the framework agreement and once the government is satisfied that the full scope and consequences make sense for Nigerian commercial entity, the needful will be done.
“This is to allow for closer and wider consultations with all major stakeholders especially with the business that will be most affected by the consequences of the agreement signed. If you notice South Africa which is the second largest economy in Africa, she has technically not signed the African Continental free trade area agreement considering the caveat that they entered. This shows that they want to their time to look into the agreement.
Speaking further, he said that African Continental free trade area agreement has exposed Africa on how to trade in goods, services, knowing the rules and procedures on the settlement of disputes, presents real opportunity for Nigeria to leverage its system to expand its reach in trade and services across Africa.
“The reality of doing business in Africa poses its own peculiar challenges. Free trade assumes a competitive trade fair that is also set, but African trading terrain as it stands is complex.
[caption id="attachment_102859" align="alignleft" width="500"]
Keynote Speech by Justice Olukayode Ariwoola of the Supreme Court of Nigeria who duly represented Hon. Justice Walter S. N. Onnoghen, GCON Chief Justice of Nigeria.[/caption]
“Today most African raw resources are exported to Europe, Asia, America at the same time many goods consumed in Africa are not manufactured in Africa but are imported in the finished form.
“Free trade in Africa may not be necessarily fair because of the excessive dumping of subsided and substandard goods.
“The government sees it as an attack on Nigeria and it decreases the economy and growth policy of the country.
“Our vision for intra Africa is for a free moment made in African foods, goods, using significant African raw materials not a just free moment of goods packaged or branded in another form.
“Our decision to delay the signing is to ensure that whatever we agree on is to be to the reality that Nigeria businesses are safe especially when it comes to a dumping of substandard goods.
“It is important that we work on external arrangements and to ensure that no means do we simply become easier target of dumping and smuggling.”
The dignitaries present at the event, Chief Justice of Nigeria, Hon. Justice Walter S. N. Onnoghen ably represented by the Former Governor of Cross River state Liyel Imoke, Minister of Industry, Trade and Investment, Okechukwu Enelamah, Chair NBA Section on Legal Practice, Mrs. Miannaya Aja Essien SAN, and host of other dignitaries.]]>
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