AfCTA to eliminate 90% of Nigeria’s export tarriffs_ Aremu
Professor Johnathan Aremu of Covenant University has revealed that Nigeria exporters would greatly benefit from African Continental Free Trade Area (AfCTA) through the 90 percent elimination of tariffs from their export.
The Professor of International Economic Relations made this remark during a Strategic Workshop for Exporters organized by the Legal Unit of the Nigerian Export Promotion Council, Abuja held in Uyo at the weekend.
Aremu said at the workshop themed: Role of AfCTA in the Growth and Development of Intra African Trade, Aremu that Africa urgently needed economic integration due to her low contribution to global GDP, adding that, only 10 percent of the tradable products would attract tariffs.
The Professor said in addition that the move “will expand market access for Nigeria’s exporters of goods and services which in turn would catalyse production growth and boost job creation for the economy.
“Continental trade in Africa is very low and AfCFTA becomes very important and less expensive as it will eliminate 90% of export tariffs among member nations”, he said.
It would be recalled that the Minister of Industry, Trade and Investment, Otumba Adebayo last month hinted that AfCFTA would provide Africa a combined Gross Domestic Product (GDP)of $3.4 trillion, adding that, 90 percent tariffs of tradable goods would be eliminated in the process.
Earlier, in his keynote address, the Chief Executive Officer of NPC, Mr Ezra Yakusak, urged exporters to fully embrace the Continental Free Trade to ensure that Nigeria was not made a dumping ground by other nations.
The CEO, represented by Mr Ben Achor, the Assistant Chief Trade Promotion Officer, expressed optimism that all barriers to trade would be removed, adding that, AfCFTA would “make African Continent a single market place,”.
He said, “I want to see to it that all hands are on deck to ensure that together we all shall make certain that Nigeria benefit from the AfCFTA so that it does not become another ECOWAS Trade Liberation Scheme (ETLS) or African Growth Opportunity Act (AGOA).
