Fidelity bank card banner Camano banner
Nigeria opts out of AfCFTA despite huge benefits to region – IMF

By Fred Itua on 23/04/2018

Views: 1,367

•African Continental Free Trade Area (AfCFTA)
•African Continental Free Trade Area (AfCFTA)

The International Monetary Fund (IMF) has said in spite of Nigeria, Africa’s biggest economy, opting out of signing on to the African Continental Free Trade Area (AfCFTA), the benefits of the trade pact to the region are still enormous.

It noted that in recent years there has been a significant improvement in intra-Africa trade, which has moved up from below 10 percent to almost 20 percent.

Abebe Aemro Selassie, Director of the IMF’s African Department, said this while briefing journalists on the economic development of the macroeconomic situation in sub-Saharan Africa, and the policies and reforms needed to ensure a stronger and durable recovery, at the ongoing IMF/World Bank Spring meetings in Washington DC.

President Muhammadu Buhari had cancelled his trip to Kigali, Rwanda, to attend an Extraordinary Summit of the African Union in March to sign the framework agreement for establishing the African Continental Free Trade Area.

Buhari had said his administration will not be in a hurry to enter into any agreement that would make the country a dumping ground and jeopardise the security of the nation.

Consequently, he had set up a committee to review the Continental Free Trade Area (CFTA) framework agreement.

Forty-four African countries had gone ahead to agree to form a $3 trillion continental free-trade zone encompassing 1.2 billion people, even as the continent’s two biggest economies, Nigeria and South Africa, were among countries that withheld their consent.

Selassie said on Friday at the IMF headquarters that in recent years “we have seen significant Improvement in intra-Africa trade, [which] has moved up from below 10 percent to almost 20 percent of the region’s trade.

“What is interesting is that much of what Africa trades with each other tends to be more processed, more manufacturing goods, and exactly more diversified exports that Africans are thinking.

“So we thinking that the CFTA, when fully implemented, coupled with the removal of non-tariff barriers, facilitating infrastructure should connect markets…

“Overall we feel that CFTA is an important agreement that many African countries will benefit from.”

The decision to establish the AfCFTA was taken in 2012 by all Heads of State and Government of the African Union at their 18th Ordinary Session.

AfCFTA is the first step in the implementation of AU Agenda 2063: the “Vision” for an integrated, prosperous and peaceful Africa. (Daily Sun)

Source News Express

Posted 23/04/2018 02:26:44 AM

 

 

CLASSIFIED ADS

 

You may also like...
Bayelsa receives N24.16bn Paris Club refunds, slams Lokpobiri...

$29.9bn loan: South East lawmakers set for war...

Apostle Suleman’s love scandal gets messier

We didn’t order closure of church accounts —CBN...

Aisha Buhari disowns alleged fraudster

Israel, ECOWAS seal $1 billion solar deal

Coalition petitions EFCC, demands probe of N117‎bn rice...

FG saves over N218bn on personnel cost through...

Police batter, strip human rights activist naked

FG to introduce new reward system for civil...

Nigeria begins to explore green alternative for food...

Imo State janja weed government (Part 1)

 

Latest News Jonathan’s ally joins Bayelsa guber race Father’s Day: Okowa urges parents to build better homes INEC Server: Atiku tackles mischief makers Human trafficking: How organ hunters obtain, sell hearts, human eggs We must join hands to lift our young ones from poverty to prosperity, says Tony Elumelu as he receives honorary doctorate degree Journalist, relief officials escape abduction CAN Presidency: TEKAN President draws battle-line with Ayokunle APC crisis may delay submission of ministerial list to Senate Akeredolu lauds NDDC 4,000 health personnel needed in Borno – Health Union 2019 Elections: How political parties created logistic challenges – INEC A pain has come that will never go, says Dokubo as elder sister is buried

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (494,155 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (425,331 views) Shameless Genevieve Nnaji exposes breasts in public (365,076 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (311,711 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (276,058 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (243,895 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (233,803 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (215,733 views) 10 cars more expensive than Jets (212,395 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (204,309 views) Lagos plane crash: Journalist releases victims’ names (184,413 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (183,760 views)

 

NNPC Financial reports February 2019

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (93) Business & Economy (4,308) Business Verdict (73) Columnists (1,051) Complaints & Requests (95) Enterprise & Opportunities (209) Entertainment (623) Features (759) Global Business Monitor (378) ICT Monitor (53) International (3,591) Interview (184) Live Commentary (30) Love Matters (162) Maggie's Blog (302) News (47,400) Opinion (1,260) Pidgin (17) Politics (11,022) Religion (1,022) Sports (2,043) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera