President Muhammadu Buhari on Thursday said Nigeria will not be in a hurry to sign African Continental Free Trade Area (AfCFTA) as it has both positive and negative effects to the nation and continent.
Buhari while receiving report on the impact of AFCFTA ,expressed the nation’s readiness for it but added ” A lot has been said about Nigeria’s decision to conduct a detailed study on how this agreement will impact us as a country.
The president maintained that for AfCFTA to succeed, African nations must develop policies that promote African production, among other benefits.
President Buhari, however, stressed: “Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around.
He said: “Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis.
“The AfCFTA will have both positive and negative effects on us as a nation and on our region.
“As Africa’s largest economy and most populous country, we cannot afford to rush into such agreements without full and proper consultation with all stakeholders.’’
“Africa, therefore, needs not only a trade policy but also a continental manufacturing agenda. Our vision for intra-African trade is for the free movement of “made in Africa goods”.
“That is, goods and services made locally with dominant African content in terms of raw materials and value addition.
The African Union Heads of States had on March 21, 2018 adopted the Phase I Agreement on the AfCFTA at its 10th Extraordinary Summit in Kigali, Rwanda.
