*Adds: Building an enabling business environment is a crucial plank of Buhari administration’s economic policy

*“Nigeria’s domestic consultative process is a model”

The Federal Government is currently pursuing a rigorous domestic and wide consultative process with all stakeholders in the public and private sector on the Agreement Establishing the African Continental Free Trade Area (AfCFTA), according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo noted that this is because it recognizes the benefits of promoting intra-African trade for development, job creation, poverty reduction and modernization.

The Vice President said this yesterday during the Africa Trade Forum 2018, AfCFTA Ratification and Implementation, with the theme: “A Game Changer for African Economies,“ which held in Lagos.

Noting that the AfCFTA is probably the most significant Pan African trade agreement in this generation, the Vice President stated that Nigeria, being “possibly the largest market in Africa today, is most likely to benefit the most or lose the most from the implementation of the agreement.”

Prof. Osinbajo stated that in response to the nation-wide stakeholder engagement on 22nd October, President Muhammad Buhari, at a meeting with stakeholders, inaugurated and established the “Presidential Committee on Impact and Readiness Assessment on the African Continental Free Trade Area”.

He added that the Presidential Committee is now at work, in full steam, and a final report will be sent up to Mr. President in 10 weeks.

“I believe that most African policy-makers would accept these feedbacks from Nigeria as having wider validity, especially as having some validity with their own economy as well.

“At the inauguration of the Presidential Committee on AfCFTA last week, President Buhari emphasized, while commending the AfCFTA process, as worthy and commendable, he said that the agreements we negotiate should be properly understood by those that would implement them, and be accompanied with an implementation plan.

“As the President said, “the AfCFTA is worthy and commendable.” As a Government, we consider that structural reforms should address the legitimate concerns raised by stakeholders.

“As Chairman of the Nigerian Economic Management Team (EMT), I am pleased to read and hear that fellow African countries consider Nigeria’s domestic consultative process with Stakeholders as an applicable model. We engaged, constructively and robustly, with stakeholders, not only on the AfCFTA, but also on Trade Policy Writ Large.

“The central message was support for the AfCFTA, based on a clear definition of increasing intra-African trade. The core feedback is to prepare thoroughly and, inter alia, ensure that the preferences of the AfCFTA would neither be abused nor be enjoyed by third parties that were not part of the negotiations.”

Also speaking in Lagos on Friday at the opening of the Lagos International Trade Fair, the Vice President stated the Federal Government’s unwavering commitment to policies and reform efforts geared towards enhancing diversification and structural reform of the economy, through massive investment in infrastructure and human capital.

Prof. Osinbajo also stated that, “building an enabling business environment is a crucial plank of our economic policy. It is pivotal for the enhancement efficiency and fostering transparency.”

“These policies have successfully enhanced productivity, increased the share of manufacturing in Nigeria’s total export earnings and a drastic reduction in susceptibilities to shocks that our economy had been frequently exposed, to on account of commodity volatility which we face constantly. Our focus on infrastructure extends to both hard and soft infrastructure, particularly trade facilitation, quality infrastructure and the Ease of Doing Business Reforms,” he said

He added, “we have taken on the key infrastructure challenges that have stifled SME growth and development in the country, by seeking innovative ways to bridge the significant infrastructure gap and at the same time, creating an enabling environment in which it is easier to do business.

“Since 2016, in two budget cycles, we have spent N2.7trillion in capital and mostly on infrastructure and this is the largest capital spend in our nation’s history, despite the fact that the country has earned 60% less than in the previous last 5 years. We focused on roads, power and on a new national rail network, among others. The Lagos-Kano rail which starts from the Lagos Port, is an important infrastructure for us, because once the Lagos-Ibadan end of it is completed by the end of the year, particularly because it starts from the ports, it will greatly relieve our roads from a lot of the trucks that go from point to point, out to the West of Nigeria and to the farthest part of Nigeria.”

The Vice President noted that collaboration between the private and public sector is important for economic growth and development.

Laolu Akande
Senior Special Assistant to the President on Media and Publicity
Office of the Vice President
03 November, 2018

Good one.

Nigeria needs to promote its interest first and then all other interests can follow. Personally, I feel the era of playing father Christmas has ended.

All the useless ingrates like SA, Ghana, Angola, Liberia, Mozambique, etc we helped in the past never stood up once for us. Just look at the nonsense South Africa and Ghana have been doing lately.

Lets project Nigeria's foreign interests and any country who wants to shelter under Nigeria can align to benefit.

Eshey

Smh

Lets start with the Nigerian businesses being shut down in Ghana/South Africa...

That Will be impact positively on the economies of the countries in the zone and promote cordial relationship between their citizens

Contact us for your Polyurethane and polysterene insulated roofing sheets and panels, roofing and roof maintenance services etc

Good Development, Buhari is here to bring change.
Atiku is a criminal and will never become my president.

What are we selling to them??

hope it's not the same crude oil ??

Governance is about results. We need results. Get us results. That is what the masses want to see

Osibanjo will walk the length and breadth of the country talking...talking.....talking, zero action

So why is is useless shallow Buhari refusing to sign AFTA?

Are you aware that Nigerian Senators are the highest paid in d world?
what can a married man with children use 100k to do in a month.
besides government can hold labourer salaries for like 2 months so what do expect them to feed with.

contact me on Fb :ThankGod omu
IG:thankGod omu

Hmmm okay..

Reckitt Benckiser is recruiting Customer Services – Supply Chain Manager West Africa


Click Here to View Details!

ChrisMafian:
Good Development, Buhari is here to bring change.
Atiku is a criminal and will never become my president.

You are talking utter crap. Ghana has survived without Nigeria and Ghana will continue to do very well without Nigeria. How much trade currently exists Ghana and Nigeria today? Very minimal, and yet the Ghanaian economy is doing well. The sun doesn’t shine fron Nigeria’s anus, and the earlier you Nigerians realize that free trade is good for all economies the better it will be you.

Hotfreezer:
Good one.

Nigeria needs to promote its interest first and then all other interests can follow. Personally, I feel the era of playing father Christmas has ended.

All the useless ingrates like SA, Ghana, Angola, Liberia, Mozambique, etc we helped in the past never stood up once for us. Just look at the nonsense South Africa and Ghana have been doing lately.

Lets project Nigeria's foreign interests and any country who wants to shelter under Nigeria can align to benefit.

Let’s start with Nigeria prohibiting the importation of certain goods from Ecowas countries........

Esseite:
Lets start with the Nigerian businesses being shut down in Ghana/South Africa...

tolexy007:

Baba till 2023.

BlcoChina2018:
[s]You are talking utter crap. Ghana has survived without Nigeria and Ghana will continue to do very well without Nigeria. How much trade currently exists Ghana and Nigeria today? Very minimal, and yet the Ghanaian economy is doing well. The sun doesn’t shine fron Nigeria’s anus, and the earlier you Nigerians realize that free trade is good for all economies the better it will be you.[/s]

I understand your utter frustration but I can assure you that Nigeria is not responsible for it, take it elsewhere.

Hotfreezer:
Good one.

Nigeria needs to promote its interest first and then all other interests can follow. Personally, I feel the era of playing father Christmas has ended.

All the useless ingrates like SA, Ghana, Angola, Liberia, Mozambique, etc we helped in the past never stood up once for us. Just look at the nonsense South Africa and Ghana have been doing lately.

Lets project Nigeria's foreign interests and any country who wants to shelter under Nigeria can align to benefit.

How did you help this countries in the past?

How did you help Ghana in the past ?


A shithole country like Nigeria bragging about helping other countries in the past.

You can’t even wipe your own ass and yet trying to make yeye all over the place .

WE are promoting trade, that's why Buhari didn't sign the agreement when it first reached his table. The incompetent president was not ashamed to tell us he had not read it while other African countries signed it. SO now they have inaugurated a committee that will be paid allowances to read through a document the rest of Africa signed ages ago.

What a bunch of jokers.

Hotfreezer:
Good one.

Nigeria needs to promote its interest first and then all other interests can follow. Personally, I feel the era of playing father Christmas has ended.

All the useless ingrates like SA, Ghana, Angola, Liberia, Mozambique, etc we helped in the past never stood up once for us. Just look at the nonsense South Africa and Ghana have been doing lately.

Lets project Nigeria's foreign interests and any country who wants to shelter under Nigeria can align to benefit.

smh

Bizibi:
smh

Should I subtitle it into your native language?

Hotfreezer:


Should I subtitle it into your native language?

smh

I do not see anything wrong with the Federal government promoting Intra-African Trades, I don't even know why Nigerians are so bitter about this, this is rather a positive development for the growth and development of this country, and yet some people are finding faults; sometimes the problems of a country is not the government but the people in it.
This will bring about a good bond between Nigeria and other African countries in terms of business etc.
I commend this development by the FG.
Good job Sir!

deathwing:
WE are promoting trade, that's why Buhari didn't sign the agreement when it first reached his table. The incompetent president was not ashamed to tell us he had not read it while other African countries signed it. SO now they have inaugurated a committee that will be paid allowances to read through a document the rest of Africa signed ages ago.

What a bunch of jokers.

Do you mind them.
They refused to sign the agreement not knowing how beneficial it will be to Nigeria
Recently Dangote with all his money was denied Visa to one Eastern African country. And he was mad.
They don't know they are hurting Nigeria Business
Kenya
Ethiopia
Rwanda etc are faring very better than Nigeria.

Africa has come to a point it must maximize its teeming young population potentials. Inter African trade is one of those ways. We must trade between ourselves more than the rest of the world. A lot of wealth will be created

SarkinYarki:
So why is is useless shallow Buhari refusing to sign AFTA?

Obasanjo said his hand is too weak to sign it.

seunayantokun:


Obasanjo said his hand is too weak to sign it.

Chei!!!!!

It shows.
Nigeria needs these kind of relationships

Fuckeduppedness. Tell me, are there any people in the whole world that are more frustrated than Shitnigerians? � How is it Ghana’s fault that Nigeria is a certified sh1thole? ����� there are more poor people in your dustbin country than anywhere else in the world �� sorrrrrrry oh � Fuckeduppedness �

Hotfreezer:


I understand your utter frustration but I can assure you that Nigeria is not responsible for it, take it elsewhere.