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| African Continental Free Trade Agreement (Afcfta) And The Region's Economic Development: The Nigeria Perspective |
Anowia, Victoria Tochukwu
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Abstract:
It is expected that the AfCFTA will help unlock Africa's long-stymied economic potential, by boosting intra-regional trade, strengthening supply chains, and strongly enhancing inter-African trade/exports especially non-extractive exports, tapping from the huge potential of a larger African market. While not disputable that Nigeria is relatively hugely endowed with crude oil, it has been a running battle, the country's inability to diversify the exportable base over the years. This casts serious doubts on how the country will benefit from the AfCFTA deal if crude oil is the only major product Nigeria has on offer for the continent. Sequel to the above, this work examined the purported benefits of African Continental Free Trade Agreement (AfCFTA) on the Nigerian economy in particular and Africa cum ECOWAS community in general. Documentary method of data collection was adopted and analyzed using content analysis. This paper observed that AfCFTA will offer Nigerian products and services, preferential access to the huge African market. However, issues of poor and inadequate trade-related infrastructure, risk of smuggling and abuse of rules of origin, fear of dumping of goods from the more manufacturing-oriented nations like South Africa and so on need to be adequately tackled. The study recommended that the Nigerian government needs to embark on massive infrastructural development especially trade-related infrastructures, diversify the economy away from crude oil and lubricants, a vision that must be deliberate and determinedly pursued, develop its human capital and imperatively, tackle insecurity objectively.
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