The Abuja Chamber of Commerce and Industry (ACCI) has applauded the Federal Executive Council’s approval of the ratification of the African Continental Free Trade Agreement (AFCTA).
In a statement signed by its president, Prince Adetokunbo Kayode, ACCI described the development as commendable and a major boost to trade integration among African nations.
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“The AFCTA is a flagship project whose success will expand intra and inter African trade while also creating wealth to address gross inequality and poverty on the African continent.
“We warmly welcome the endorsement of AFCTA by the Federal Executive Council. We also note that the National Action Committee on AFCTA preparedness has been working round the clock to put the nation on sound footing.
“The approval by the FEC should now ramp up implementation of preparedness plans already submitted to the government,” it stated.
“As the African biggest economy and market, we should expect an influx of goods from various parts of Africa when AfCTA kicks off. We cannot close our borders; we cannot block tariff.
“Our only option is to urgently develop and empower the private sector to increase manufacturing and production capacities.”
The chamber also said multiple taxes that were killing businesses should be reconsidered, and that funding for crucial sectors should be channelled through credible business associations, among others.
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