Abuja, July 8, 2019 The African Union Development Agency-New Partnership for Africa’s Development (AUDA-NEPAD) has commended President Muhammadu Buhari of Nigeria for signing African Continental Free Trade Areas (AfCFTA) agreement.
The National Coordinator/Chief Executive Officer, Mrs Gloria Akobundua in a statement by Mr Abolade Ogundimu, Media Assistant to AUDA-NEPAD, on Monday, said the signing would boost Africa’s economy and eliminate illegal migration.
Akobundu stated this while on the entourage of President Muhammadu Buhari to the 12th Extraordinary Summit of the African Union in Niamey, Niger Republic.
She said the agreement would not only boost Africa’s economy, but was also capable of eliminating illegal migration which had claimed many lives.
“Africa’s population currently over around 1.3 billion and expected to hit 2.5 billion by 2050, a common trade corridor like AfCFTA is a game changer for the continent’s current economic challenges when fully and fairly implemented.
“The continent’s huge economic resources will now begin to nourish their own source better than before. Industries will have easier access to markets and healthy competition will unfold Africa’s ingenuity.
“There is no better time than now for such decision to come into operation,” she said.
Akobundu commended all the nations that had signed the documents especially Nigeria and 25 other AU member states that had deposited their instruments of ratification, urging the rest to follow suit.
On possibility of AfCFTA’s implementation hindering the growth of local manufacturers in the country, Akobundu explained that the signing would now be in an opposite side.
AUDA-NEPAD boss call for collaboration among relevant stakeholders in the continent in order to position themselves for the gains of the policy.
The gains, according to her, include infrastructural development, job creation and economic growth.
Akobundu said that Nigeria’s small, medium and large scale industries were well positioned for benefits of AfCFTA when fully operational. (NAN)
