Nigeria will sign free-trade deal Syrian state prepares to raise flag over Deraa
ABUJA Nigerias President Muhammadu Buhari said on Wednesday the country will sign up soon to a US$3 trillion African free-trade agreement.
Nigeria is one of Africas two largest economies, the other being South Africa. Buharis government had refused to join a continental free-trade zone established in March, on the grounds that it wishes to defend its own businesses and industry.
The administration later said it wanted more time to consult business leaders.
In trying to guarantee employment, goods and services in our country, we have to be careful with agreements that will compete, maybe successfully, against our upcoming industries, Buhari told a news conference during a visit by South African President Cyril Ramaphosa.
I am a slow reader, maybe because I was an ex-soldier. I didnt read it fast enough before my officials saw that it was all right for signature. I kept it on my table. I will soon sign it.
Earlier Ramaphosa told a business conference in Abuja that South Africa saw huge benefits from the continental free trade deal and that a draft agreement relating to the movement of people was being reviewed.
In his first visit to Nigeria since becoming South Africas president in February, Ramaphosa said he was seeking greater collaboration between the two countries.
He condemned xenophobic attacks on foreigners in South Africa, including Nigerians, against a backdrop of economic hardship and soaring unemployment.
This is a working visit to come to Nigeria and Ive made it a specific issue that I want relations with Nigeria to improve exponentially, Ramaphosa told the conference.
Nigeria and South Africa have the two largest economies in Africa. Along with Angola, they make up about three-fifths of sub-Saharan Africas annual economic output.
Both countries have been hit hard in recent years by low commodity prices that slowed growth, cut government revenues and weakened their currencies. But each has emerged from recession, largely because of a rebound in commodity prices.
The growth of the two economies played a large part in the World Banks forecast that subSaharan Africas economy will grow by 3.1 per cent this year, up from 2.6 per cent in 2017.
The continental free-trade zone, which encompasses 1.2 billion people, was initially joined by 44 countries in March.
South Africa signed up earlier this month. Six countries, including Nigeria, are yet to sign the agreement.
Economists point to the continents low level of intra-regional trade as one of the reasons for Africas enduring poverty and lack of a strong manufacturing base. REUTERS AMMAN Syrian state vehicles, accompanied by Russian military police, entered an area of Deraa city yesterday to raise the national flag over an area held by rebels for years, witnesses said, leaving President Bashar alAssad poised for another big victory in the seven-year-long Syrian conflict.
Cranes from the state-run Deraa municipal council erected a flag pole near the mosque where the eruption of large protests in March 2011 was widely seen as heralding the start of the conflict.
Government forces backed by Russia have recovered swathes of rebel-held Deraa province at the border with Jordan in a major offensive that got underway last month and has forced many rebels to give up territory in negotiated surrender deals.
Rebels holed up in part of
A large convoy of Russian military police was expected to enter the devastated area
Deraa city are still in talks with Russian officers, with many of them aiming to secure safe passage to opposition-held areas of northern Syria, rebel officials said. The talks were expected to resume yesterday.
A large convoy of Russian military police was expected to enter the devastated area later.
Some 2,000 rebel fighters are holed up in the oppositionheld part of Deraa city, along with their families.
Many want to leave due to fear of how the government will treat them. REUTERS