NACCIMA applauds FG over ratification of AfCFTA

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.”






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