AfCFTA’ll protect ECOWAS member states from becoming dumping sites – Consultant

Prof. Jonathan Aremu, a consultant with the Economic Community
of West African States (ECOWAS), has said that African Continental
Free Trade Agreement (AfCFTA) would protect member states from
becoming dumping ground for substandard goods.

Aremu made the assertion at the Nigerian Association of Chambers
of Commerce, Industry, Mines and Agriculture (NACCIMA)/Deloitte
AfCFTA Dialogue series on Tuesday in Lagos.

He said: “Recognising that dumping, subsidisation and import
surges, whether originating from the continent or a third country,
can adversely affect more than one member/or partner state within
the continent`.

“There are provisions in the AfCFTA treaty to ensure member/or
partner states to cooperate in the detection and investigation of
dumping or subsidisation or sudden import surges, and in the
imposition of appropriate measures to curb such practices.”

Aremu, who is a Professor of International Economic Relations,
Covenant University, Ota, said that the beneficiaries of the AfCFTA
are investors and traders who move goods across borders. He said
that the opportunities remain potential until a rule-based
governance and structure are established across member states.

Aremu said that, to utilise the opportunities of AfCFTA, member
states are expected to develop strategy that identifies key trade
opportunities, current constraints and steps to leverage the
African market.

Also, Mr Francis Anatogu, Secretary, Presidential Committee on
Impact and Readiness Assessment on AfCFTA, said that findings from
AfCFTA impact assessment on Nigeria’s economy show that 35 priority
products have been identified across its development plans.

Anatogu said: “18 of the 35 products are exported by Nigeria and
have a demand of $122.7 billion in Africa. “Nigeria exports $42.9
billion of these products globally, excluding crude oil and gas;
the export value decreases to $1.2 billion.”

He said 10 sectors have been chosen as a priority sector for
liberalisation, adding that the sectors aligned with the five
priority sector of the AfCFTA.

The committee secretary said that there were 36 sub-sectors
under the 10 priority sectors, adding eight sub-sectors were fully
liberalised, 27 partially liberalised and one sub-sector was
unbound.

According to him, Nigeria is the fifth largest exporter of
services amounting to $5 billion and largest importer of services
$18.2 billion in Africa.

Anatogu said that Nigeria’s service sector was only able to
address four per cent of Africa’s $121 billion market. He said that
the private sector’s role in AfCFTA implementation was to leverage
AfCFTA to drive value, increase advocacy and stakeholders
engagements to galvanise the business environment.

According to him, others are: grow research and intelligence
capabilities and strong partnerships with the government.

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