Buhari inaugurates AfCFTA action committee

President Muhammadu Buhari has inaugurated National Action Committee for the implementation of the African Continental Free Trade Area Agreement (AfCFTA).

President Buhari, while speaking during the ceremony on Friday at State House, Abuja, charged members of the newly inaugurated committee to protect Nigeria’s economy against hurt.

The president, who said he signed the AfCFTA agreement after all necessary due diligence had been done, charged all the parties representing Nigeria’s interest in the agreement to work together and block all loopholes that could result in losses for the country.

He said the country took measured steps before signing the agreement.

Buhari, who told the committee to anticipate cooperation from all government officials, including ministers and other senior functionaries, said he expects quarterly reports on progresses, the first of which must be March 2020.

“As a government, we must ensure that Nigeria’s position remains that, such integration must be rules-based with built-in safeguards, against injurious practices.

“Nigeria’s approach to the African Continental Free Trade Area Agreement has been very measured and consistent. Our logic was simple, as Africa’s largest economy and most populous nation, we cannot afford to get it wrong.

“We consulted all key stakeholders. We also conducted a rigorous impact and readiness evaluation. It was after these consultations and studies, and satisfactory reports that I signed the African Continental Free Trade Area Agreement on behalf of Nigeria in July this year.

“We know the benefits and understand the challenges. It is clear that for us to fully benefit from this agreement, we must have an implementation programme that reflects our national trade objectives and development plans.

“This therefore requires aligning, restructuring existing development projects, programme and initiatives. Where there are gaps, we must address them. Accordingly we have established the National Action Committee on AfCFTA.

“As a Committee, your mandate is to support the efforts of Ministries, Departments and Agencies of government, stakeholder associations and businesses to realize the benefits of the AfCFTA, while putting measures to address any threats that may arise. All parties must work together and not allow any loopholes that might prove injurious to the Nigerian economy.

“I have directed all key Ministers and Senior Government officials to provide maximum support to your Committee.

“For us as a government, our expectation from this agreement is job creation for our youth, increased production of our local raw materials and ultimately, exporting quality Made in Africa goods.

“You are to submit quarterly reports on your progress, and I look forward to receiving your first report in March 2020”, the President said.