AFCFTA will promote economic growth and reduce poverty - NEPC

Ahead of the July 1st deadline for the commencement of African Continental Free Trade Agreement (AFCFTA), signed by Nigeria, the Nigerian Export Promotion Council (NEPC) says the agreement, when fully operational next year, will promote economic growth and development, and reduce poverty in partnering countries.

Olusegun Awolowo, chief executive officer of the Nigerian Export Promotion Council, said this in Calabar during a oneday Stakeholders’ Conference on ‘Assessing the Impact of Eastern Ports and Continental Shipping on Export Trade Pre and Post AFCTTA Era’.

Awolowo, who was represented by Joe Ita, the regional coordinator of NEPC South-south, further said: “By our mandate, we are committed to actively developing and promoting non-oil exports and seeing the opportunities that will be available.”

According to him, the objective of organising the programme was informed by the fact that there is little misconception from many about AFCFTA, whether it is a blessing to the nation or curse, part of which must have led to the initial delay in signing the agreement.

He said the objective of the forum is to prepare Nigerians in terms of proper understanding of the details of the agreement such as the rules of origin, protocols of trade in Goods and Services, dispute resolution, among others all of which will aid in making business decisions.

In his paper presentation, the keynote speaker, Sam Epiah, said: “In my opinion, government of Nigeria needs to put in place internal mechanism to protect local markets from smuggling and dumping by reviewing, harmonising and strengthening institutions.”

He said the relevant government institutions must engage key stakeholders to reach consensus on nontariff barriers.

“Considering the failure of the West African Free Trade Agreement, which did not really deliver much value to the nation, key players in the private sector must come together and strategise on how best the AFCFTA treaty will promote the frontiers of the muchdesired growth of their enterprise and the economy at large,” he observed.

According to the shipping expert, the Eastern Ports can play a major role in promoting and sustaining the business activities through the AFCFTA.

He said government at all levels and stakeholders must aggressively begin to address the deficiencies to gain from the benefits of the Free Trade Agreement through investment, enlightenment programmes such as this by NEPC, both locally and internationally.