AfCFTA: Tins Nigeria must fix to enjoy Africa Continental Free Trade Agreement
Africa now na di largest free trade area as Nigeria finally sign to join di Africa Continental Free Trade Agreement for Niamey, Niger Republic where Heads of States for African Union dey do meeting.
Di African Continental Free Trade Area go unite 1.3 billion pipo, create $3.4 trillion economic bloc and increase goods exchange inside di continent.
Unto say e take African kontris four years to agree to free-trade deal in March afta dem don dey plan for almost seventeen years, dis na wetin Nigeria must fix to enjoy Africa Continental Free Trade Agreement.
As tins stand now Nigeria dey import plenti cars sake of say dem no get booming car manufacturing industry. Tori be say tariffs for cars gatzs fall to allow oda Africa kontries to enta di free market wey go also allow export of cars to Nigeria. At di moment na only car assembling plants dey di kontri. For Nigeria to make money for cars den dem must strike deals wey go see dem begin manufacture car.
Nigeria still dey stagger around 4,000MW power generation for di kontri wey get nearly 200 million pipo. For businesses to boom, dem go need steady power to keep business running. How to address dat challenge must be part of di areas Nigeria gatz fix odawise di oda African kontries wey get steady power go take beta advantage of dis free trade plan.
Nigeria banking sector dey solid but e still get some small come like access to forex and double digit interest rates for bank loans, so dis na some tin wey di Central Bank and di kontri bankers committee to review to make sure say money dey di hands of Nigerians wey wan do Business.
Nigeria get one of di worst border road wey link to oda west African kontris, di Lagos/Badagry highway just as di Apapa road wey lead to di kontri busiest seaport don dabaru. Dis plus oda major roads to take transport goods and services na some of di tins Nigeria need to quick fix so dat di kontri pipo fit enjoy di agreement wella. Nigeria dey re-develop dia railways and airports and dis na time to quickly finish work.
Nigeria na oil rich kontri, but e still dey import refine crude oil becos none of di refineries for di kontri dey refine crude oil. Wit dis free trade arrangement oda African kontries suppose sell dia refined crude even for interested Nigerians - but dis go be big shame if dis one happun, however somtin like dis dey possible for di AfCFTA plan.
Textile industry for Nigeria don die finish, but di kontri get wetin e take to bounce back and if dem must benefit from dis free trade area wella, di textile industry of di kontri must wake up again and begin production.
Wetin Nigerians fit gain from di agreement?
At di moment, African countries dey trade only about 16% of dia goods and services among one another, compared to 65% wey European kontries dey do according to AFP news agency.
AU dey reason say if kontries follow di African Continental Free Trade Area plan, - E go lead to 60% boost of trade between kontries by 2022.
Dem also say AfCFTA go create di world largest free trade area.
For oga Yusuf, "dis agreement go give Nigerian producers opportunity and access to bigger market of over 1.2 billion pipo, and access to bigger economy of $2 trillion."
Oga Yusuf say dis "na opportunity for Nigerians to express demself beyond di boundaries of just Nigeria" alone and "consumers too go enjoy from di competition wey go dey."
Sabi pipo say di economic benefits of AfCFTA dey far more dan di dis advantage but until dis areas dey fixed, e go hard for many Nigerians to enjoy di free trade area.
Ghana go be di headquarters of AfCFTA operations office.