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Don hopes AfCTA will boost Nigeria’s exports

By Inemesit Akpan-Nsoh, Uyo
21 December 2021   |   2:09 am
A professor of international economic relations at Covenant University, Johnathan Aremu, has suggested that Nigerian exporters would greatly benefit from the African Continental Free Trade Area ...

A professor of international economic relations at Covenant University, Johnathan Aremu, has suggested that Nigerian exporters would greatly benefit from the African Continental Free Trade Area (AfCTA) through 90 per cent tariff elimination.

Aremu made the position at a strategic workshop for exporters organised by the Legal Unit of the Nigerian Export Promotion Council in Uyo, at the weekend.

Aremu noted that Africa urgently needed economic integration due to its low contribution to global GDP, adding that only 10 per cent of the tradable products would attract tariffs under AfCFTA.

Speaking on the topic, ‘Role of AfCTA in the Growth and Development of Intra African Trade’, the professor said the initiative would “expand market access for Nigeria’s exporters”, which would catalyse growth and boost job creation for the economy.

“Continental trade in Africa is very low and AfCFTA becomes very important and less expensive as it will eliminate 90% of export tariffs among member nations”, he said.

The Chief Executive Officer of NPC, Ezra Yakusak, urged exporters to fully embrace the window to ensure that Nigeria is not turned into a dumping ground by other nations.

The CEO, who was represented by the Assistant Chief Trade Promotion Officer, Ben Achor, expressed optimism that all trade barriers would be removed.

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