Osinbajo: Why Nigeria Has Not Signed AfCTA

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Omololu Ogunmade in Abuja

Vice President Yemi Osinbajo Monday in Abuja said Nigeria was not ready to take chances by hastily signing the African Continental Trade Agreement (AfCTA) because the nation’s economy is the real target of the agreement.

The vice-president who made this remark at the quarterly meeting of the Presidential Enabling Business Environment Council (PEBEC) meeting in the Presidential Villa, said the entire Africa awaits Nigeria’s coming into the agreement because of the economic potentials inherent in Nigerian market.

According to the vice president, Nigeria is making extensive consultations because of suspicions that the agreement may cripple its manufacturing sector and simultaneously hamper the current benefits of agricultural revolution in the country.

He also said whereas the general consensus seems to favour Nigeria’s participation in the trade agreement, there were concerns on the necessity to upgrade the business environment for virile competition, improve power supply and invest in infrastructure.