NESG lauds AfCFTA’s ratification, urges framework for effective implementation

The Nigerian Economic Summit Group (NESG) has hailed President Muhammadu Buhari for ratifying the African Continental Free Trade Area (AfCFTA) pact.

For effective implementation, the group charged Nigeria on formulation of institutional structures and enabling infrastructure.

In a statement yesterday, NESG advised that the agreement be domesticated through a bill that captures the nitty gritty of the policy for approval of the National Assembly.

Ruminating on the numerous benefits offered by the free trade treaty, NESG said Nigerians have “become conscious that when imports come in more easily, domestic producers can easily access them, allowing them to adopt the ideas and sell them, particularly when there are no strong intellectual property laws.”

It said outsourcing of jobs could be fashionable in the envisaged era in the absence of protectionist laws, as employees could work in unhealthy environments since member countries no longer collect duties.

Against this backdrop, the body noted that Nigeria needed to think of ways to recompense reduced tax revenue.

Having weighed the- options, NESG said trade creation and diversion effects of the regional fortress would result in development of continental and transnational corporations headquartered in Nigeria, with affiliates across African nations.