AfCFTA will make Nigeria dumping ground – Expert

 

 

An economist, Dr Chijioke Ekechukwu, has said that Nigeria will become a dumping ground for goods and services if it signs the African Continental Free Trade Area (AfCFTA) Agreement.
Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, who gave the advice yesterday in Abuja, said, “As far as Nigeria is a net importing country of goods and services, we are not technologically advanced and we have a large population, Nigeria will be a dumping ground for goods and services,” he said.
He added that it would pose serious challenge to emerging Small Medium Enterprises (SMEs) as exporters and local manufacturers’ products would find it difficult to compete favourably with the imported ones under the canopy of AfCFTA.
President Muhammadu Buhari had cancelled a trip to Rwanda, where he was expected to sign the framework agreement for establishing the African Continental Free Trade Area during the Summit that would host leaders of African countries.
According to the President the trip was canceled to allow for more consultations with stakeholders in Nigeria over the trade agreement.
According to him, although the AfCFTA aims at creating a single continental market for goods and services, it will also enhance free movement of business persons, investments and investors.
Ekechukwu said the agreement would also expand intra African Trade through Trade liberalisation policies as well as remove business and import restrictions within the continent.
The AfCFTA is part of Africa’s plan to promote intra and inter-regional trade, economic cooperation and partnership on the continent by 2063.

Leave a Reply