THE Federal Government said yesterday said that the interest of the nation and its comparative trading advantage will guide its final decision on the African Free Trade Area agreement.
Nigeria is one of the few countries yet to show commitment or sign the agreement despite participating in 10 rounds of negotiations.
Special Adviser to the President on Economic Matters (Office of the Vice President) Dr. Adeyemi Dipeolu stated this yesterday in Ibadan at the 60th anniversary lecture of the Department of Economics, University of Ibadan.
According to him, Nigeria’s reluctance in signing the African Free Trade Agreement was based on its commitment to ensure that only what would benefit its economic interest and boost its comparative trade advantage is implemented as policy.
Dipeolu, who said Nigeria presented the best of team from its Office of Trade Negotiation, said Nigeria would not rush into signing something that might eventually make it a dumping ground.
“The reluctance to join the African Free Trade Zone Area agreement is because Nigeria sees it as a no-brainer to our comparative trading advantage and the benefits of free trade, which are quite evident to the country.”
Coordinator, African Trade Policy Centre (ATPC), United Nations Economic Commission for Africa (UNECA) Dr. David Duke said it was important for African countries to open up their economy and encourage intra-regional trade to boost their Gross Domestic Product (GDP) and employment.
According to Duke, who spoke on the “Economic rationale of the African Continental Free Trade Area”, noted that Nigeria would benefit from the intra-African trade as it would become a game changer in stimulating growth and boosting industrialisation.
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