An Economist, Mr Nnemeka Obiaeri, says  Public Private Partnership (PPP) of the Federal Government is panacea that would enable Nigerians to maximise the African Growth and Opportunity Act (AGOA) trade to boost the economy.
Obiaeri, Chief Executive Officer, Tarux Capital and Advisory Services, made the observation in an interview with newsmen in Lagos, Friday.
AGOA is a U.S. Trade Act, enacted on May 18, 2000 as Public Law 106 of the 200th Congress. It has since been renewed to 2025. The legislation significantly enhances market access to the U.S. for qualifying Sub-Saharan African (SSA) countries.
Obiaeri noted that the nation’s economy was not generating much from the AGOA trade pact because of inadequate PPP arrangement, regardless of the country’s potential.
“We ought to be making millions of dollars from the AGOA treaty but our people are not earning enough revenue from it due to lack of collaboration among the various stakeholders.
“Ideally, government should provide the land and facilitate the quick export, while the businessmen must source for funds to bankroll the AGOA project.
“Almost all the value chain in the textile and garment industry can be harnessed to increase our earnings,’’ the economist said.
He, however, added that improving the volumes of export in textile and garment to the U.S. would automatically increase investment into the industry.
“Given the successful export, more Nigerians will be interested in the industry to create wealth and improve their domestic capacity.
“This could be our next cash cow and not depending on hydrocarbon which is prone to international volatility.
“However, increasing the earnings from the non-oil sector contribution to the Gross Domestic Products, (GDP),’’ he said.