NACCIMA hails Nigerian govt for ratifying AFCFTA agreement

The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has lauded the Nigerian government for ratifying the AfCFTA agreement.

In a statement signed by Ayo Olukanni, Director General of NACCIMA, the organisation described the move as good news and a reflection of Nigeria’s committment to be part of the historic trade and economic agreement.

“We urge that the relevant arm of government especially the office of the Attorney General will promptly prepare the necessary ratification papers to ensure prompt deposition at the Secretariat,” the DG said.

“Notably this ratification now gives us 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.”

PREMIUM TIMES reported how the Federal Executive Council (FEC) Wednesday approved the ratification of the African Continental Free Trade Agreement (AfCFTA).

Nigeria had earlier set up a National Action Committee on AfCFTA to look into the ratification process.

Ratification is the act of signing or formally consenting to a treaty, contract, or agreement, after due legislative process, thus making it valid for official purposes.

NACCIMA, in its statement, said it will also boost Nigeria’s position at the forthcoming Feb 2021 Meeting of the State Party. It will also strengthen Nigeria’s position at during negotiations in the outstanding areas such as services and investment, it added.

“On our part in NACCIMA as part of strategic planning and readiness, we have been closely working with various stakeholders such as Afriexem bank the UNECA, regarding operational issues areas 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 be prepared to be a part of the Afcfta.”

The statement said the NACCIMA Dialogue Series on the Afcfta which have been running for sometime will continue to be actively pursued and the organisation 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 be able to fully harness it’s benefits as trading takes off,” the DG said.

“We are indeed committed to the goal of ensuring that Nigerian companies become an effective player in the Afcfta and we are ready to work with all stakeholders including the National Action Committee on Afcta as well.”