By Naomi Uzor The Kaduna Chamber of Commerce, Industry, Mines and Agriculture, KADCCIMA, Tuesday urged the Federal Government to carry out...
By Naomi Uzor
The Kaduna Chamber of Commerce, Industry, Mines and Agriculture, KADCCIMA, Tuesday urged the Federal Government to carry out an impact assessment of the African Continental Free Trade Agreement, AfCFTA, with a view to establishing a balance sheet of sectors/sub-sectors that would benefit from AfCFTA and validate the estimated benefits.
Disclosing this at Roundtable on “AfCFTA and the challenges of Borderless Economy” during the ongoing 41st Kaduna International Trade Fair, the Chairman of KADCCIMA Economic and Statistical Committee, Mohammed Abdulsalam, said FG should also establish a balance sheet of sectors/sub-sectors that will be worse off and calculate the estimated losses, develop and adopt strategies to enhance the capacity of the manufacturing sector in particular and the country, in general, to optimize Nigeria’s participation in the AfCFTA by way of capacity to compete effectively in a liberalised economic zone.
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He stated: “There is need to devise effective strategies to actualise estimated benefits and minimize estimated losses for Nigeria as a result of implementation of AfCFTA. There are a number of critical concerns and questions to be addressed. Some of which are: how many Made-in-Nigeria products are currently exported to other African countries and for what value?, What are the justifications for accepting the proposed movement of 90 per cent of tariff lines to zero duty in view of its impact on government revenue?, What will become of the current tax incentives and duty waiver regime?, What is the time frame for the progressive movement of 90 per cent tariff lines to zero duty?, What is the status of Nigeria in intra-African trade value chain in reality and vis-a-vis the provision of AfCFTA agreement?. In this regard, what are the areas that are not in the best interest of the Nigerian economy and sectors?”
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