OBJ: I Hope Buhari Signs Free Trade Agreement Before It’s Too Late

Former President Olusegun Obasanjo, says he hopes President Muhammadu Buhari signs the Africa Continental Free Trade Area (AfCFTA) agreement “before it is too late”.

The historic free-trade zone agreement was endorsed on Wednesday, March 21, 2018, by 44 African countries in Kigali, Rwanda. Nine other African Union member-countries, including Nigeria and South Africa, have delayed their assent to the treaty.

The agreement, the largest in the world since the creation of the World Trade Organisation in 1995, commits countries to remove import duty on 90 per cent of all goods while identified “sensitive items” which make up the balance 10 per cent would also be phased out later as tariff free.

Furthermore, the agreement will liberalise commercial services and also tackle the so-called “non-tariff barriers” which include extended delays and harassment at border posts, which hamper trade between African countries.

The WHISTLER recalls that President Buhari had hinged his decision to not attend the AfCFTA signing at Kigali, Rwanda, on the need to consult widely with relevant stakeholders in the country.

The president had tweeted last week, “Any African Free trade agreement must Fairly and Equitably represent the interest of Nigeria, and indeed, her African brothers and sisters,” adding that “As Africa’s largest economy and most populous country, we are committed to ensuring that all trade agreements we sign are beneficial to the long-term prosperity of the continent.”

The spokesperson of the Federal Ministry of Foreign Affairs, Tope Elias-Fatile, had equally said the president cancelled his attendance of the Extra-Ordinary Summit of the African Union in order to “allow more time for input from Nigerian stakeholders” in the deal.

But speaking on Tuesday during a presidential panel at the Africa CEO Forum in Cote d’Ivoire, Obasanjo said: “That President Buhari didn’t sign the free trade agreement in Kigali is disappointing; I hope he signs it before it is too late.

“Egypt started the discussion on the formation of the Organisation of African Unity but didn’t conclude it and Nigeria took over.

“Nigeria was also central to the discussion of the free trade agreement, but I am surprised that the country withdrew from signing.”

Mr Buhari had last week set up a committee headed by the Minister of Trade and Investment, Okechukwu Enelamah, for “widened consultations” on the AfCFTA agreement.

“We’re going to work collaboratively for the good of Nigeria. We’re all Team Nigeria and all playing to win. This work must continue,” Enelamah said after a consultation meeting on Tuesday in Abuja.