- AfCFTA to Enhance Export Quality Says Adebayo
The Africa Continental Free Trade Area (AfCFTA) agreement will enhance the quality of Nigerian products and improve export quality, the Minister of Industry, Trade and Investment, Richard Adebayo has said.
President Muhammadu Buhari joined the rest of African nations to sign a free trade agreement in June. However, experts have said it will hurt Nigeria’s local industry due to Nigeria’s weak manufacturing sector. They argued that, if nothing is done, the nation would become a dumping ground for African products with better quality.
Adebayo, however, said competition will enhance the quality of Nigerian made goods and improve the quality of the nation’s export.
Adebayo made the statement at the 2019 African Industrialisation Day held in Calabar, Cross River State.
President Buhari had closed the Nigerian land borders in August to curb smuggling into and out of the country.
Despite headline inflation hitting 11.61 percent due to an increase in the prices of food items, President Muhammadu Buhari has said the borders will remain closed until an effective agreement is reached with neighbouring nations.
The AfCFTA agreement is expected to be implemented across the agreed area in the first half of 2020.