Business
AfCFTA: MAN Wants FG To Renegotiate Trade Conditions
The Manufacturers Association of Nigeria (MAN) has urged the Federal Government to renegotiate trade conditions that will impede economic growth in its review of the Africa Continental Free Trade Area (AfCFTA) Agreement.
The MAN President, Dr Frank Jacob, gave the advice in an interview with The Tide source in Lagos, yesterday.
According to him, MAN is apprehensive that the Rules of Origin in the AfCFTA cannot be adequately enforced to guard against influx of European Union (EU) goods into the Nigerian market.
The Rules of origin are used to determine the country of origin of a product for purposes of international trade.
The AfCFTA is part of Africa’s plan to promote Intra and Inter-regional trade, economic cooperation and partnership on the continent by 2063.
AfCFTA seeks to make Africa the largest free trade area, improve its economies and strengthen its position in global trade.
“We are afraid that the Rules of Origin cannot be adequately enforced because goods from the EU can find their way into one of the African countries that have bilateral agreement with the EU.
“When the goods get into the African country, they can repackage them, change the label from Made in Europe to that of the African country.
“That same goods will surely find its way to Nigeria which is the main target market for the EU,” Jacob said.
Jacob also noted that the market access of the agreement was a concern to manufacturers, as it leaves low protection to locally produced goods.
“The agreement says that 90 per cent of the tariff plan would be liberalised, leaving only 10 per cent to protect manufacturers, and that 10 per cent is too low.