The Nigeria Association of Chambers of Commerce Industry, Mines and Agriculture, NACCIMA has commended the federal government for the ratification of AfCFTA, describing it as good news and a reflection of our commitment to be part of this historic Trade and economic Agreement, fully.
A statement by the Director General of NACCIMA, Ambassador Ayo Olukanmi urged the relevant arms of government especially the office of the Attorney General to promptly prepare the necessary ratification papers to ensure prompt deposition at the Secretariat.
The statement further notes that this ratification now gives Nigeria the status of a State Party to the Agreement which also gives us a leverage to be an effective player in the scheme of things. It will also boost our position at the forthcoming Feb 2021 Meeting of the State Party as well as strengthen Nigeria’s position during negotiations in the outstanding areas such as Services, Investment etc.
On our part at NACCIMA, as part of strategic planning and readiness we have been closely working with various stakeholders such as Afriexim bank the UNECA, regarding operational issues such as effectiveness of the Pan African Payment and Settlement system.
Also with this decision to ratify the Agreement, Nigerian companies must be ready and prepared to be part of the Afcfta. The NACCIMA Dialogue Series on the Afcfta which we have been running for sometime will continue to be actively pursued and we will do so through the new normal virtual means. This is to prepare our members for an understanding of the fine details of the Agreement to ensure that they can fully harness it’s benefits as trading takes off. We are indeed committed to the goal of ensuring that Nigerian companies become effective players in the Afcfta and we are ready to work with all stakeholders including the National Action Committee on Afcta as well.