MAN Urges Caution On AFCFTA Agreement

The new President of the Manufacturers Association of Nigeria, MAN, Engr Mansur Ahmed, has called for a detailed study of the potential benefits and costs of the African Continental Free Trade Agreement, AFCFTA, to Nigeria.
A statement signed by Engr  Ahmed said though MAN recognizes the potential value and desirability of expanding trade and economic integration in the Continent, Nigeria should not sign any agreement without fully comprehending its impact on the economy and wellbeing of the People.
The President of MAN made the remarks at a Meeting with the African Union Commission, AUC, Chairperson, Moussa Faki Mohamat, during his visit to Nigeria recently.
“It is an open secret that, given Nigeria’s demography and rapid growing population any initiative of far reaching consequences on the survival of our fledging manufacturing sector and the production sector in general must be approached with great caution
“At the minimum, we insist that a detailed study of the potential benefits and costs to the various sectors and sub sectors of the economy must be undertaken”
Ahmed said adequate consultations with key affected stakeholders is necessary to identify opportunities and risks that would result from implementation of the agreement, to mitigate any negative fallouts and facilitate access of potential opportunities.

He noted with gratification, the approach of Government- inauguration by President Buhari, of a high-level multi-stakeholder Committee to assess the impact and Nigeria’s readiness for the AFCFTA.

Ahmed said MAN should be in a position to fully support whatever action Federal Government takes when the Committee completes its assignment and establishes Nigeria’s readiness for AFCTA within the next three months.