Osinbajo: AfCTA not magic wand

Vice President Yemi Osinbajo says one of the many ways by which Africa can maximize the benefits of the Africa Continental Free Trade Area (AfCFTA) deal is to ensure that trade negotiations with the rest of the world are based on the free trade agreement rather than deals separately endorsed by regional economic blocs.

He said this in his keynote at the 61st annual conference of the Nigerian Economic Society (NES) themed “African Continental Free Trade Area (AfCFTA) in Post COVID-19 Era: What Next for Nigeria?”

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Prof. Osinbajo said it was necessary for African countries to consider the advice since   “one important objective of the AfCFTA is to overcome the economic fragmentation of the continent by bringing the regional economic blocs together in a common arrangement.”

He said African countries should not allow themselves to be lured into arrangements which do not serve their long-term development objectives.

Speaking further on how the agreement could bolster trade and development on the continent, he said: “We must, of course, continue to bear in mind, especially here in Nigeria that the AfCFTA is not a magic wand that automatically brings about growth and prosperity.”