Enterprise Television – Why Nigeria Did Not Sign AfCTA Agreement, By Osinbajo
Nigeria’s Vice President, Professor Yemi Osinbajo has said that the federal government did not sign the African Continental Free Trade Area Agreement (AfCTA) because of the opinions expressed by President Muhammadu Buhari that it would be much wiser to suspend the signing to such a time that all the necessary engagements have been made to the satisfaction of the private sector.
Osinbajo who spoke at the Financial Times Nigeria Summit, which held in Lagos Thursday, said the government has worked very closely with the private sector, adding that it will be wrong not to satisfy the sector and the complaints that they have raised.
He stated that the Manufacturers Association of Nigeria (MAN) and other groups felt that the federal government should not go into the agreement without further consultation.
The Vice President explained that the concern for the administration is not whether they would not sign the agreement, but signing the agreement would depend on how important it would be to the economy and what type of negotiations would go on.
He further stated that government is taking a look at the issues first to consider the framework, understand the nitty-gritty and then work out ways on how it is going to play out for the private sector partners, industry and trade.
At the 2018 African Union summit, 44 African countries signed the agreement which is the largest since the creation of the World Trade Organisation in 1995.
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