AfCFTA: BMO Lauds Buhari for Exhaustive Consultation With Relevant Stakeholders

  • BMO says Buhari has enabled the convergence of opinions among diverse stakeholders.
  • It vigorously supports Buhari’s advocacy on fair trade

President Muhammadu Buhari has been commended by the Buhari Media Organization (BMO) for signing the African Continental Free Trade Agreement (AfCFTA) after exhaustive consultation with relevant stakeholders in the country.

BMO in a statement issued in Abuja on Tuesday and signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke said Buhari has enabled the convergence of opinions among diverse stakeholders on the necessity of the AfCFTA.

AfCFTA is a trade agreement aimed at creating a single continental market followed by the free movement of goods, people and an African single currency union.

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According to the group, if properly operationalised, Nigeria will benefit from the agreement in numerous ways being the largest economy in Africa as well as the continent’s biggest market.

“Nigeria is as important to the AfCFTA as the United Kingdom is to the European Union (EU). Being the largest market and largest economy in Africa, the free trade agreement will open the borders of 51 subscribing countries to the agreement to product and services originating from Nigeria.

“We also note the sense of patriotism with which President Buhari has continued to engage the realisation of the African Continental Free Trade Agreement especially in relation to obvious concerns over dumping and smuggling of third party countries’ products and services masquerading as emanating from AfCFTA participating countries,” it said.

Concerning the agreement, BMO vigorously supports Buhari’s advocacy on fair trade. This is to discourage other participating African countries from using their jurisdiction as points of illegal access to Nigeria’s huge market to the detriment of the country’s domestic manufacturers and service providers.

“Buhari has declared that he desires free trade in the goods produced by Africans in Africa. The president has insisted on the application of the ‘rules of origin’ to ensure that only products that are manufactured with over 80 percent of raw materials sourced within the continent qualify for trade within the African Continental Free Trade Agreement.

“Without a doubt, the AfCFTA holds a lot of promise for Nigerians. These include access to a single market of more than 1.2 billion people, increased industrial and manufacturing capacities and rapid job creation,” it said.

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The group, therefore, urged Nigerians to lock-in into the huge potentials offered by the agreement for development networking opportunities across the African continent.

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