Speaking at this year’s Bullion Lecture, with the theme: “Leveraging the African Continental Free Trade Agreement for Nigeria’s Economic Development,” organised by the Centre for Financial Journalism in Lagos on Tuesday in Lagos, Oramah said that Nigeria could take advantage of the large continental market when it signs the agreement.
Oramah said that the endorsement of the agreement would go a long way in transforming Nigeria and Africa as a whole economically if leveraged on the enormous opportunities that AfCFTA offers.
He noted that these benefits “cannot be realised without the participation of all economies, particularly Nigeria”.
Oramah said that the signing of the AfCFTA agreement by Nigeria could create the opportunity for the country to take over from China as the world largest manufacturing hub.
“China today exports as much as $45 billion of manufactured exports to Africa.
“Free movement of goods and services among countries can further create a lot of jobs and in fact Nigeria stands a very good chance because the country has head start into many opportunities.
“This also includes developing supply chains beyond the continent,” he said.
According to Oramah, Africa needs a sustained strategic shift to industrialization, increased intra-African trade and de-commoditisation through increased value and diversification of economies.
Speaking on the delay by Nigeria in signing the agreement, Oramah noted that the issues surrounding trade treaties can be complex and can sometimes come slowly and chances are that there can be sudden disappointment.
“That’s why we believe that the Nigerian Government acted wisely in broadening consultations with all interested parties,” he said.
According to him, such consultations with all interested parties will strengthen the Federal Government in negotiating tariff and other concessions.
He, however, urged that the consultation should be rapidly concluded so that Nigeria can join the trading bloc at the inception stage and participate fully in the consultations on a number of key parameters.
The AfCFTA is a trade agreement between 49 African Union member states with the goal of creating a single market followed by free movement and a single-currency union.