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Manufacturers Association of Nigeria supports govt move to shun AfCFTA

President Muhammadu Buhari with drew from the AfCFTA after pressure from labour unions. (Image source: European Parliament/Flickr)

The Manufacturers Association of Nigeria said it supports the governments move to not sign the agreement establishing the African Continental Free Trade Area (AfCFTA)

The AfCFTA was signed by 44 countries of Africa to boost trade among African nations through the creation of a single market.

Nigeria, the largest economy in Africa, however, did not sign the agreement.

The group said that the agreement would lead to "gross unemployment" in the country and raised concerns about market access.

The association said in a statement that lack of consultation and inclusion of inputs of stakeholders before Nigeria's position was presented were the reasons for its opposition to the AfCFTA.

“Government should, as matter of urgency, convene a special meeting of the relevant stakeholders, including experts on trade policy to consider tariff lines rates along the line of efficiency, sectoral and sub-sectoral preferences that would be most beneficial to Nigerian businesses under the AfCFTA dispensation, " Association of Manufacturers president, Frank Jacobs said.

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