Gov. Akinwunmi Ambode of Lagos State has declared support for the African Continental Free Trade Agreement (AfCFTA) and urged Nigeria to sign the agreement.
Recall that Nigeria is one of the six African nations that are yet to sign the agreement.
The Governor made the declaration on Thursday during the second National Committee on Export Promotion Meeting in Lagos.
Not particularly happy that the Federal Government is prevaricating on the continental agreement, he said: “Nigeria is one of the two countries left to sign the African Continental Free Trade Agreement; typical us, we were going round the country sensitising and to know whether we should join.
“We should have joined since yesterday. We should show leadership. The whole of Africa is waiting for Nigeria to show leadership.
“If we have the largest GDP and have overtaken South-Africa, what are we waiting for? The fact is that if we want to begin to export, we must be the champion of Africa.
“We must be the Germany of Africa. If we do not drive the economy of Africa it would not drive itself. Africa must sell to Africa first, that should be the cornerstone of our export policy,” Ambode said.
Countries that have already signed the AfCFTA Consolidated Text are Niger, Rwanda, Angola, CAR., Chad, Comoros, Congo, Djibouti, The Gambia, Gabon, Ghana, Kenya, Mauritania, Mozambique, Cote’d’Ivoire, Seychelles, Algeria, Equatorial Guinea.
Others are Morocco, Swaziland, Benin, Burkina Faso, Cameroon, Cape Verde, DRC, Guinea, Liberia, Libya, Madagascar, Malawi, Mali, Mauritius, South Sudan, Uganda, Egypt, Ethiopia, Sao Tome and Principle, Togo and Tunisia.
South Africa, Sierra Leone, Namibia, Lesotho and Burundi signed the AfCFTA in Nouakchott, Mauritania during the recent African Union meeting.
A minimum of 22 ratifications are required to enable the AfCFTA to come into force, while 15 ratifications for the protocol on free movement of persons, right of residence and right of establishment.
The AfCFTA will be the largest free trade area since the formation of the World Trade Organisation, according to the AU.
According to the AU, the AfCFTA could create an African market of over 1.2 billion people with a GDP of 2.5 trillion U.S. dollars,
The AU said the deal is expected to improve the economic prosperity of the African nations removing barriers to trade, like tariffs and import quotas, allowing the free flow of goods and services between its members.
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