CFTA: Lessons for Africa before Crucifying Nigeria’s President
Nigeria did not sign on to the framework arising from the negotiations of the African Continental Free Trade Agreement (AfCFTA), which held in Kigali - Rwanda precisely on March 21, 2018.
There have been several blames, lamentations and castigations (some constructive though) that have resonated the entire media space till this date even casting aspersions on the Nigeria’s leader - President Muhammadu Buhari, for declining to sign the dotted lines.
There have also been deplorable barrage of blames on some trade and private sector practitioners, albeit some indirectly, for convincingly advising the President into the decision of withholding his signature. As the dust around Nigeria and the CFTA gradually begins to settle down, it is perhaps needful to appropriately reflect and contextualise the needless stigmatisation on the country, the President and indeed Nigerians for the well thought out decision on the CFTA.
For the records, no right thinking Nigerian, nay, African would advise against the well-thought out arrangement called AfCFTA, which is even long overdue especially with recourse to the thrust behind the establishment of the African Union (and right from when it was the Organisation of African Union (OAU).
In the first place, if African countries have for long been enmeshed with trade agreements under different bilateral and multilateral arrangements and configurations, what makes it strange having an intra-African trade Agreement that increases trade and wealth redistribution among Africans? In terms of objectives, the CFTA is well-couched and framed within the ultimate targets of delivering on the three pronged pillars of wealth creation, sustainable development and poverty reduction.
The foregoing intendment is gorgeously dressed with the attractive provisions of Article 3 of the Framework Agreement establishing the AfCFTA which seeks to create a single African market for Goods, Services and Movement of Persons with a view to deepening economic integration of the continent. Ukaoha, a foremost Trade lawyer; expert in negotiations and advocacy; member of ECOWAS Task Force on Trade, and the President of NANTS, writes from Abuja