Made-in-Africa Key To Success Of Free-Trade Deal, Says Buhari

President Mohammadu Buhari has said for the continental trade agreement to succeed, African nations must develop policies that promote African production, among other benefits.
Buhari noted that the success of the Africa Continental Free Trade Area (AfCFTA) deal hinges on Africa developing its manufacturing base.
The AfCFTA agreement will only succeed if the continent develops policies that promote production, he said while receiving the report of a committee set up to consider whether the country should join the trade pact.
The African Union Heads of States had on March 21, 2018 adopted the Phase I Agreement on the AfCFTA at its 10th Extraordinary Summit in Kigali, Rwanda.
Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation.
But President Buhari said Nigeria will not rush into joining the Africa Continental Free Trade Area until it finishes extensive consultations with all stakeholders.
He, however, observed the AfCFTA will have both positive and negative effects on Nigeria as a nation and the West African sub-region.
“A lot has been said about Nigeria’s decision to conduct a detailed study on how this agreement will impact us as a country.
“Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around.
“Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis.
The AfCFTA will have both positive and negative effects on us as a nation and on our region.
“As Africa’s largest economy and most populous country, we cannot afford to rush into such agreements without full and proper consultation with all stakeholders.’’
“Africa, therefore, needs not only a trade policy but also a continental manufacturing agenda. Our vision for intra-African trade is for the free movement of “made in Africa goods”.
“That is, goods and services made locally with dominant African content in terms of raw materials and value addition.
“If we allow unbridled imports to continue, it will dominate our trade. The implication of this, is that coastal importing nations will prosper while landlocked nations will continue to suffer and depend on aid,’’ he added.
President Buhari, therefore, stressed the need to always ensure that all negotiated agreements create business opportunities for Africa’s manufacturers, service providers and innovators.
“The AfCFTA we aspire to have should therefore not only create wealth for investors but also jobs and prosperity for our vibrant and hardworking citizens. The benefits of economic growth must be prosperity for the masses.
“Africa needs not only a trade policy, but also a continental manufacturing agenda,” Buhari said. “Our vision for intra-African trade is for the free movement of made-in-Africa goods. That is, goods and services made locally with dominant African content in terms of raw materials and value addition.”
The trade area should not only create wealth for investors, but also prosperity for Africans, Buhari said.
“The benefits of economic growth must be prosperity for the masses,” he said.