The Nigerian Bar Association has urged Nigerian lawyers to position themselves to seize the vast legal and economic opportunities of the African Continental Free Trade Area agreement.
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This admonition came at the maiden webinar of the NBA AfCFTA Committee on Tuesday.
Chairman of the committee, Prof. Sam Erugo (SAN), said the session aimed at educating NBA members and stakeholders on AfCFTA.
Speaking, Erugo expressed worry that Nigerians have yet to take advantage of the opportunities offered by the AfCFTA regime.
Delivering the keynote address, a trade and investment law expert, Legborsi Nwiabu, explained that AfCFTA aimed to engender the free flow of goods and services across the continent and boost Africa’s position in the global market.
He explained that the agreement covered trade in goods, services, dispute settlement, customs and trade facilitation, intellectual property rights, investment, competition policy, digital trade, and the participation of women and youth in trade.
Nwiabu traced the AfCFTA’s origins to the African Union’s goal of accelerating economic integration across the continent.
According to Nwiabu, the AfCFTA regime opens numerous areas of practice for Nigerian lawyers.
“Trade disputes are a natural occurrence within a dynamic trade environment like AfCFTA.
“Lawyers have critical roles to play in representing member states and businesses during dispute settlement processes,” he said.
He emphasised the need for Nigerian legal practitioners to acquire deeper knowledge of international trade laws, AfCFTA’s dispute settlement mechanisms, and sector-specific regulations.
“Commercial justice and enforcement of contracts are very critical for business environment reforms and investment facilitation,” Nwiabu said.
He also added that areas such as cross-border contract drafting, arbitration, regulatory compliance, and intellectual property protection would see growing demand.
Nwiabu urged the NBA to take the lead in supporting AfCFTA implementation by pushing for the repeal of archaic laws, facilitating Mutual Recognition Agreements with other professional bodies, and creating a dedicated Section on Trade and Investment Law.
He further recommended introducing the French language into law faculty curricula and encouraging universities to establish postgraduate programmes in International Trade and Investment Law.
“The NBA should drive engagement between local business chambers, legal associations, and the national AfCFTA Committee to ensure that businesses understand the rules and are equipped to take full advantage of them,” he said.
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