By Francis Ogwo
The maximization of benefits of the soon to be implemented Africa Continental Free Trade Area (AfCFTA) agreement is by ensuring that trade negotiations with the global community is based on the free trade agreement as against seperate regional arrangements.
This view was shared by Vice President Yemi Osinbajo in his keynote address at the 61st annual conference of the Nigerian Economic Society (NES) themed “African Continental Free Trade Area (AfCFTA) in Post COVID-19 Era: What Next for Nigeria?” over the weekend.
The virtual event, which was attended by a team of Nigeria’s leading economists, also had the President of NES, Prof. Sarah Anyanwu, commending both President Muhammadu Buhari and the Vice President for their ‘understanding of economic development.’
Prof. Osinbajo in his remarks said: “One important objective of the AfCFTA is to overcome the economic fragmentation of the continent by bringing the regional economic blocs together in a common arrangement.
“This being the case, African countries should look to negotiating trade treaties with other parts of the world on the basis of AfCFTA rather than through arbitrarily designed regional blocs. African countries should not allow themselves to be lured into arrangements which do not serve their long-term development objectives.
“We must, of course, continue to bear in mind, especially here in Nigeria that the AfCFTA is not a magic wand that automatically brings about growth and prosperity.” Osinbajo added.
The Vice President’s expressed caution that the AfCFTAis not a magic wand that automatically conjures economic growth and development cannot be restated in better words. As a matter of fact, the road ahead is still filled with pot holes. A great example of such pot holes is the recent report on Ghana’s contravention of the ECOWAS Protocol on Free Movement of Persons and Goods and Right of Establishment without any qualms. Its an ignorant show of strength that’s avoidable through training of public officers on the conditions of International Treaties and Conventions to which Ghana is a signatory. In the same vein, Nigeria is also in violation of these same Protocols the minute Nigeria decided to shut her boarders thus shutting off the major West African Free Trade Corridor/Routes…. There are also other more serious violations between other ECOWAS States like Burkina Faso, Mali and Niger whose borders aren’t even closed. All in all, the journey to a non-preferential use or application of the AfCFTA is still along trip down as unknown Road unless African governments stop allowing their Annual meetings/Summits to end up as mere talk shops but committedly back their decisions at such meetings simultaneously with enforceable laws and action. My 2 kobos…