Nigeria bids for Continental Free Trade headquarters

The Federal Executive Council yesterday approved that Nigeria sign the framework agreement for the establishment of African Continental Free Trade Area (AfCFTA) during the extraordinary meeting of African Union Heads of State and Government holding next Wednesday in Kigali, Rwanda.

The council also approved that Nigeria express her interest in hosting the secretariat of the AfCFTA.

The decision to establish the AfCFTA was taken in 2012 by all Heads of State and Government of the African Union at their 18th Ordinary Session.

AfCFTA is the first step in the implementation of AU Agenda 2063: the “Vision” for an integrated, prosperous and peaceful Africa.

The Minister of Trade and Investment, Okechukwu Enelamah, told State House reporters after the cabinet meeting presided by Vice President Yemi Osinbajo that “Nigeria has played a leadership role in the negotiations. Our chief negotiator and director-general of the Nigerian office for trade negotiations was the chairperson of the negotiating technical team.

“Also the African Ministers for Trade and Group was chaired by myself and so, if they played a leading role in this negotiation, we feel that it is better to lead than to follow.

“Therefore, we also got an approval to express an interest in the secretariat of CFTA, that the headquarters be located in Nigeria. Obviously, we are expecting it to be a competitive process, but Nigeria will be interested. We also got an approval for the Nigerian office for trade negotiations along ministries, departments and agencies (MDAs) and the private sector to work together and continue with the next stage of the negotiation.

“The first stage is the overall framework establishing CFTA. The next is the protocol on trade in goods and associated annexes; also a protocol on trade in services and finally, the protocol on rules and procedures for the settlement of disputes.”