African free trade agreement: Wetin Nigeria fit gain and lose from di deal
Nigerians don dey react to di African trade agreement wey di kontri President Muhammadu Buhari sign for di African Union Summit, for Niger on Sunday, July 7.
African Union dey aim na to increase trade across di borders of di continent Director General for Lagos Chamber of Commerce and Industry Muda Yusuf tell BBC Pidgin say Nigeria decision to finally join di African Continental Free Trade Area (AfCFTA) agreement go "finally integrate di Nigerian economy into di African economy." But dat fit no be all di tins wey Nigerians fit gain from dis agreement. After one year wey dem pull out from di African free trade agreement, Nigeria President Muhammadu Buhari finally put pen to paper to be part of dis ogbonge economic agreement on Sunday. According to di African Union, di AfCFTA go create di worlds largest free trade area and if dem implement am, e go lead to 60 per cent boost for trade between African kontris by 2022. Wetin Nigerians fit gain from di agreement? At di moment, African countries dey trade only about 16% of dia goods and services among one another, compared to 65% wey European kontries dey do according to AFP news agency. AU dey reason say if kontries follow di African Continental Free Trade Area plan, - E go lead to 60% boost of trade between kontries by 2022. Dem also say AfCFTA go create di world largest free trade area. For oga Yusuf, "dis agreement go give Nigerian producers opportunity and access to bigger market of over 1.2 billion pipo, and access to bigger economy of $2 trillion." Oga Yusuf say dis "na opportunity for Nigerians to express demself beyond di boundaries of just Nigeria" alone and "consumers too go enjoy from di competition wey go dey." President Buhari sign di AfCFTA agreement on Sunday after im reject am for 2018. Why di AfCFTA dey make pipo fear Free trade agreements dey designed to cut trade tax between member kontries. Dem dey put am ontop goods wey dey one kontri from anoda for different reasons, sometimes to try protect di home-made products. Before now, President Buhari been don tok say im go support di Africa Continental Free Trade agreement "as long as e dey fair" and dem give everi kontri equal opportunity. But di Lagos State Chamber of Commerce DG say, Nigerian manufacturers and gofment go need to fix di infrastructure to make di Nigerian manufacturing sector more competitive as dis fit lead to di equal opportunity wey Nigeria presido dey tok about. Oga Yusuf say, lack of efficiency fit make Nigerian producers and manufacturers lose customers for dis free trade zone sake of di competition.