FEC okays agreement on African Free Trade in Kigali

The Federal Executive Council (FEC) yesterday approved that
Nigeria should sign the framework agreement for the establishment
of African Continental Free Trade Area (AfCFTA) in Kigali,
Rwanda.

AfCFTA is the first step in the implementation of AU Agenda
2063: The “Vision” for an integrated, prosperous and peaceful
Africa.

The Minister of Industry, Trade and Investment, Mr Okechukwu
Enelamah, broke the news when he briefed State House reporters
along with the Minister of Foreign Affairs, Geoffrey Onyeama, on
the outcome of the meeting.

The meeting was presided over by Vice-President Yemi Osinbajo at
the Council Chamber of the Presidential Villa in Abuja.

Enelamah said President Muhammadu Buhari would sign the
agreement on AfCFTA during the Extraordinary Meeting of African
Union Heads of State and Governments on March 21.

Enelamah said: “What we did today was to secure approval for the
stage we are now.

“First, the Heads of State and Governments of the African Union
(AU), in January 2012, made a decision in Addis Ababa to establish
CFTA just as an economic policy for regional integration. Of
course, in that process, we have got to a point where they set some
deadlines.

“At meetings they had sometime in 2016 and 2017, they wanted the
framework agreement to be in place at the end of 2017 but they
postponed it, that the Heads of State will like to sign an
agreement on March 21, 2018.

“So, that framework agreement is now scheduled to be signed in
Kigali on March 21 by the African Heads of State and
Government.’’

The minister listed the benefits of the AfCFTA, saying it would
expand market access for Nigeria’s exporters of goods and services,
spur growth and boost job creation.

He said the agreement would also “eliminate barriers against
Nigeria’s products and provide a Dispute Settlement Mechanism for
stopping the hostile and discriminatory treatment directed against
Nigerian natural and corporate business persons in other African
countries.

Enelamah added: “Establish rules-based trade governance in
intra-African trade to invoke trade remedies, such as safeguards,
anti-dumping and countervailing duties against unfair trade
practices, including dumping, trans-shipment of concealed origin of
products.’’

According to him, Nigeria will also express interest to host the
secretariat of AfCFTA due to the fact that Nigeria played an
important role in the matter.

Also, the Minister of Water Resources Suleiman Adamu said FEC
approved the variation of the Jare Earth Dam from N3 billion to N11
billion with a mandate to complete the project within 36
months.

NAN reports that the contract for the dam project, located in
Bakori Local Government Area of Katsina State, was first awarded in
2006 at the cost of N3 billion, but was later abandoned.

The Federal Executive Council (FEC) yesterday approved that
Nigeria should sign the framework agreement for the establishment
of African Continental Free Trade Area (AfCFTA) in Kigali,
Rwanda.

AfCFTA is the first step in the implementation of AU Agenda
2063: The “Vision” for an integrated, prosperous and peaceful
Africa.

The Minister of Industry, Trade and Investment, Mr Okechukwu
Enelamah, broke the news when he briefed State House reporters
along with the Minister of Foreign Affairs, Geoffrey Onyeama, on
the outcome of the meeting.

The meeting was presided over by Vice-President Yemi Osinbajo at
the Council Chamber of the Presidential Villa in Abuja.

Enelamah said President Muhammadu Buhari would sign the
agreement on AfCFTA during the Extraordinary Meeting of African
Union Heads of State and Governments on March 21.

Enelamah said: “What we did today was to secure approval for the
stage we are now.

“First, the Heads of State and Governments of the African Union
(AU), in January 2012, made a decision in Addis Ababa to establish
CFTA just as an economic policy for regional integration. Of
course, in that process, we have got to a point where they set some
deadlines.

“At meetings they had sometime in 2016 and 2017, they wanted the
framework agreement to be in place at the end of 2017 but they
postponed it, that the Heads of State will like to sign an
agreement on March 21, 2018.

“So, that framework agreement is now scheduled to be signed in
Kigali on March 21 by the African Heads of State and
Government.’’

The minister listed the benefits of the AfCFTA, saying it would
expand market access for Nigeria’s exporters of goods and services,
spur growth and boost job creation.

He said the agreement would also “eliminate barriers against
Nigeria’s products and provide a Dispute Settlement Mechanism for
stopping the hostile and discriminatory treatment directed against
Nigerian natural and corporate business persons in other African
countries.

Enelamah added: “Establish rules-based trade governance in
intra-African trade to invoke trade remedies, such as safeguards,
anti-dumping and countervailing duties against unfair trade
practices, including dumping, trans-shipment of concealed origin of
products.’’

According to him, Nigeria will also express interest to host the
secretariat of AfCFTA due to the fact that Nigeria played an
important role in the matter.

Also, the Minister of Water Resources Suleiman Adamu said FEC
approved the variation of the Jare Earth Dam from N3 billion to N11
billion with a mandate to complete the project within 36
months.

NAN reports that the contract for the dam project, located in
Bakori Local Government Area of Katsina State, was first awarded in
2006 at the cost of N3 billion, but was later abandoned.