Okechukwu Enelamah: Minister of Trade and Industry

Dr Chijioke Ekechukwu, an economist says Nigeria will become a dumping ground for goods and services if it signs the African Continental Free Trade Area (AfCFTA) Agreement.

Ekechukwu, a former Director-General, Abuja Chamber of Commerce and Industry, gave the advice in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

“As far as Nigeria is a net importing country of goods and services, we are not technologically advanced and we have a large population, Nigeria will be a dumping ground for goods and services,” he said.

He added that it would de-motivate the country’s emerging Small Medium Enterprises (SMEs) as exporters and local manufacturers’ products would compete unfavourably with the imported ones under the canopy of AfCFTA.

According to him, although the AfCFTA aims at creating a single continental market for goods and services, it will also enhance free movement of business persons, investments and investors.

Ekechukwu said the agreement would also expand intra African Trade through Trade liberalisation policies as well as remove business and import restrictions within the continent.

NAN reports that AfCFTA is part of Africa’s plan to promote intra and inter-regional trade, economic cooperation and partnership on the continent by 2063.

He said AfCFTA would benefit all the smaller countries in Africa looking for markets for their products.

“Companies from Europe, Asia and America will take advantage of this agreement to bring their production lines to neighbouring African countries with steady power supply and dump their products on Nigeria,” Ekechukwu said.

He, however, said because of the size and population of the country, it would likely attract investors in many sectors of the economy.

Buhari on March 18, canceled his scheduled visit to Rwanda to attend an Extra-Ordinary Summit of the African Union on March 21.

The President was to sign the framework agreement for establishing the African Continental Free Trade Area during the Summit that would host leaders of African countries.

A statement from the Presidency said the trip was canceled to allow for more consultations with stakeholders in Nigeria over the trade agreement.

It would be recalled that the Nigerian Labour Congress (NLC) and the Organised Private Sector (OPS) had kicked against AfCFTA.