Domesticate AfCFTA to Boost Commerce, Halt Naira Fall, NILDS DG Urges FG

The Director General of the National Institute for Legislative and Democratic Studies (NILDS) Prof. Abubakar Sulaiman, has urged the federal government to domesticate and leverage on the African Continental Free Trade Area (AfCFTA) policy to address the current economic challenges.

Sulaiman, a former Minister of National Planning made the call at the opening of a workshop organised by NILDS in collaboration with the Joint Research Centre in Abuja, yesterday.

Sulaiman said that various governments had talked about economic diversification, alternative to the major sources of income, agrarian revolution, green revolution but not much was achieved.

He explained, “Today the country is not at a crossroads, we have gone beyond the crossroads; when you look at the foreign exchange earnings, forex, the dwindling fortune of the naira and unemployment across the globe especially as it related to Nigeria.

“It is now time for us to put up our thinking cap; how do we harness resources and our markets, how do we ensure domestication of AfCFTA and take advantage as done by other countries.

“How do we take advantage of the market hub, the free trade liberal policies as enshrined in the various protocols; it is the right time for us to think and to act.

“The leadership of the National Assembly is ready to support, they are ready to do the needful in terms of legislation, oversight, presentations and domestication of the various conventions.

“The National Assembly cannot do it alone, they will need the support of the State Assemblies and critical stakeholders,” he said.

There have been concerns and debates in Nigeria around the issue of domestication of the AfCFTA.

The process of domestication involves the enactment of the AfCFTA agreement as a domestic or national legislation by the National Assembly of Nigeria.