With a population of over one billion people and a Gross Domestic Product (GDP) of $3m, the Executive Director, Nigerian Export Promotion Council (NEPC), Dr Olusegun Awolowo, has decried the low level of trade among African countries.
Represented by the Deputy Director, Policy and Strategy, Mr Akintunde Folorunso, at a one-day sensitization workshop on “Export Competency Development to Enhance MSMEs Success in ECOWAS & AfCFTA” in Benin on Tuesday, Dr Awolowo lamented that instead of trading among themselves, African countries prefer doing business with Americans, Europeans and Asians.
He said: “We have 55 countries in Africa with 1.2 billion people that trade among themselves. It is on record that, Africans don’t like trading with themselves. They like trading with Europe and America.
“The AfCFTA was signed, July 2, 2019. Nigeria is the last country that signed the agreement, because there is this insinuation that the Nigerian market is flooded by a lot of products, from everywhere.
“Before it was signed, the National Office of Trade Negotiation move around the country to carry research analysis. We signed the agreement, it was ratified 5th December 2020.”
An optimistic Dr Awolowo, however, remarked that with the establishment of the AfCFTA, there is hope for economic integration in Africa, advising that Nigeria needs to prepare for the markets.
With the agreement, he noted that a lot of opportunities are in store for Nigeria, noting that Nigeria as a giant in Africa must go into the market and capture it.
He added: “To do this we have to get ourselves prepared. There’s a lot of competitors in the market, especially from North Africa. NEPC before now has been looking for a lot of programmes to make sure MSMEs succeed in Nigeria. And to see people gain access into international Markets to do business or trade.”
The Trade Promotion Advisor, NEPC, Benin Export Assistance Office, Mrs Ngozi lbe, said AfCFTA when fully implemented will boost and increased intra-African trade by creating a single African market of over one billion consumers with a GDP of over $3m.
Mrs lbe said that ETLS is a trade instrument designed by the Economic Community of West African States (ECOWAS) with the aim of operationalization of the Free Trade Agreement.
She said: “The ETLS mechanization ensures the free movement of originating products without the payment of customs duties and taxes and free market in the ECOWAS. The scheme offers unhindered market access to the 15 member countries, and promote economic relations within the sub-region.”
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