The Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has applauded the decision by the Federal Government to ratify the African Continental Free Trade Area (AfCFTA), saying that it “is good news and a reflection of our commitment to be part of this historic trade and economic agreement fully”.
The Federal Government on Wednesday announced that it has ratified Nigeria’s membership to the AfCFTA, ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.
Reacting this development in a statement, the Director –General of NACCIMA, Ayo Olukanni, expressed delight with the decision, urging that “the relevant arm of government especially the office of the Attorney General will promptly prepare the necessary ratification papers to ensure prompt deposition at the Secretariat.”
“Notably this ratification now gives us the status of a State Party to the Agreement which also gives us a leverage to be an effective player in the scheme of things.
It will also boost our position at the forthcoming February 2021 Meeting of the State Party.
It will also strengthen Nigeria’s position at during negotiations in the outstanding areas such as Services, Investment etc.,” said the statement.
“On our part in NACCIMA as part of strategic planning and readiness we have been closely working with various stakeholders such as Afriexem bank the UNECA, regarding operational issues areas such as effectiveness of the Pan African Payment and Settlement system. Also with this decision to ratify the Agreement, Nigerian companies must be ready and be prepared to be a part of the AFCFTA.
“The NACCIMA Dialogue Series on the AFCFTA which we have been running for sometime will continue to be actively pursued and we will do so through the new normal virtual means.
This is to prepare our members for an understanding of the fine details of the Agreement to ensure that they can be able to fully harness it’s benefits as trading takes off.
We are indeed committed to the goal of ensuring that Nigerian companies become an effective player in the AFCFTA and we are ready to work with all stakeholders including the National Action Committee on AFCTA as well.”