AfCFTA: Minister allays fear of turning Nigeria to dumping ground

AfCFTA: Minister allays fear of turning Nigeria to dumping ground

AfCFTA: Minister allays fear of turning Nigeria to dumping ground


 

 

The African Continental Free Trade Agreement (AfCFTA) would not allow products without identification of origin for exportation.

The Minister for Industry, Trade and Investment, Mr Niyi Adebayo, who stated this during a two-day tour to Delta State, assured that Nigeria would not be a dumping ground for unidentified products from other African countries when AfCFTA is activated.

The minister, represented by the Director of Trade in the ministry, Aliyu Abubakar, said AfCFTA provided a platform to ensure that every product have origin, noting that Delta was the sixth state so far visited to discuss opportunities that abound for made-in-Nigeria products in the larger African market.

AfCFTA: Minister allays fear of turning Nigeria to dumping ground
Minister of Industry, Trade and Investment Adeniyi Adebayo

He explained, “Countries through AfCFTA agreed to liberalise 90 per cent of their products to the market. The remaining 10 per cent is left under special and sensitive products that they may wish to keep.

“The main objective of the agreement is to liberalise trade so that African countries can trade more among themselves and through that, African economies will be integrated.

“As regards flooding of the market with substandard products, there are mechanisms in place in the agreement.

“The rules of origin is a criterion where participating countries must source their products locally. There is also provision to guide against transshipment of products outside African market.”

He urged Delta State to key into the AfCFTA to showcase its potential in oil palm, aquaculture and other products in a larger African market.

Chief Economic Adviser to Governor Ifeanyi Okowa, Dr Kingsley Emu, stressed that AfCFTA offered avenue for private individuals to explore opportunities at the larger market.