By LOVETH AZODO, Lagos
The Manufacturers Association of Nigeria (MAN) has once again urged the Federal Government not to sign the African Continental Free Trade Area (AfCFTA) until the potential benefits drivable from it is ascertained and guaranteed.
MAN further expressed concern over the inability of the Nigerian Office for Trade Negotiations (NOTN) to provide answers on posers raised by association over the AfCFTA earlier.
President of MAN, DR. Frank Jacobs, in a press conference in Lagos, said it has been four months since concerns regarding the impacts on the nation were raised on the AfCFTA signing without been addressed
He added that the recently conducted and launched study by the NOTN has done no justice to the glaring lapses
He said: “It is worrisome to observe that the study failed to address the concerns of manufacturers. Moreso, is the fact that the outcome of the NOTN sponsored independent study on the potential benefits of AfCFTA on Nigeria fell short of standards and lack the much-needed information required to take an informed decision.”
The association anticipates that Nigeria may become a big player and key driver of improved volume of intra-African trade in an African Free Trade Area with the right market offer mix, rules of origin, countervailing measures, dispute settlement mechanism, non-tariff and technical barriers provisions, amongst other protocols and annexures.
“The only way to guarantee this positive proposition is to ensure that our negotiating team is guided by a credible and strategic country specific study”, he added.
Jacobs stressed that there is no wisdom in signing-on upfront only to end up struggling to find space in the accompanying Protocols and Annexures.
According to the MAN President, “We need to be certain that the Agreement is in sync and not constraining our extant economic policies, including the Nigeria Industrial Revolution Plan (NIRP) and the Economic Recovery and Growth Plan (ERGP).”
He pointed out that the pact has no credible country specific study to show the potential impact of the AfCFTA; no specific attention was given to determine the cost and benefit analysis of the agreement; the sectors/sub-sectors that would benefit or be worse off as a result of the Agreement are unknown; no clear-cut recommendation on strategies that government would adopt to enhance the capacity of the manufacturing sector to compete effectively.
He said: “In the light of recent developments, we considered it necessary to intimate you that an insignificant number of non-real sector operators in the Private Sector are tactfully recommending that Mr President should sign the agreement under the camouflage that majority of Nigerians and the Organised Private Sector agrees with their position.
“They are essentially not at home with the technicalities of a trade agreement of this magnitude. The pronouncement of this group of actors is not representative of the views of the Organized Private Sector of Nigeria.”
He maintained that the Nigerian market is not ready for the Common External Tariff (CET) for countries in Economic Community of West African States (ECOWAS), adding nothing has happened there so far.
