Nigeria: Trade Minister Raises Fresh Fears Over AfCFTA
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The Minister of Industry, Trade and Investment, Richard Adebayo, has indicated that increased smuggling and abuse of rules of origin are key factors that will hinder the country from benefiting from the African Continental Free Trade Agreement (AfCFTA).
Speaking at the third edition of Zenith Bank’s International Trade Seminar yesterday in Lagos, the Minister, represented by Francis Anatogu, Senior Special Adviser to the President on public sector said these factors will incentivize rogue traders to disguise and distribute goods imported from outside the continent, as duty free made-in-Africa goods.
He stated further: “It is also envisaged that without adequate provisions for adjustment costs, the surge in imports that will arise with AfCFTA will likely threaten output, jobs and investment in the manufacturing sector and local infant industries.
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