…As power Generation Companies List Benefits Of AfCFTA

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Association of the Power Generation Companies (APGC).

The Association of the Power Generation Companies (APGC) has congratulated President Muhammadu Buhari on the signing of  the African Continental Free Trade Area (AfCFTA) Agreement, saying the agreement will bring about 60 per cent in crease in intra-Africa trade.
The agreement was signed in Niamey, Niger Republic on Sunday.
Executive Secretary,APGC Mrs Joy Ogaji, in a statement issued in Abuja last Wednesday, said that  the amount of due diligence conducted with respect to this agreement, and the corresponding cohesion with several stakeholders was laudable.
According to her, the AfCFTA agreement was earmarked to bring about 60 per cent increase in intra- Africa trade, as against 16 per cent of trade currently being conducted among African nations.
“The benefits of the agreements are tremendous to Nigerians and Nigeria.
“Under the agreement, there will be no quota system, ensuring that trade is conducted according to trading capacity.
“”Exports will be cheaper, which will lead to more competitive pricing. Nigerians will now enjoy easier entry (and exit) from other markets.
“The cumulative result of all these benefits will be a significant boost in trade, and the economy,”she said.
According to her, Nigeria is reported to be the biggest economy in Africa, which clearly presents us with the potential to play a more active role in both the regional and global economy. .
She said that the actualisation of this potential was largely predicated on the degree to which we can achieve industrial development, which will be an enabler for long term sustained growth and poverty reduction.
She, however, stated that Nigeria may not fully reap the benefits of the agreement until the problems of power sector are truly addressed.
“This is even so given that adequate power supply plays a critical role in the development of the social sector, education, health, transportation and industrialisation for a nation.
“Goods and services offered by the country may not be comparatively/competitively priced, when compared to other nations with better power supply,”she said.
She said that the  trade agreement calls for a renewed zeal and focus in solving the power sector conundrum, so as to position Nigeria amongst leading industrialising countries.
“This singular solution to power issue will make consumer goods, machineries, equipment and tools flood the African/global consumer markets.