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Published 31 December 2020
Lack of infrastructure, consistent foreign trade deficits, worsening exchange rate among other economic challenges are major impediments that may hinder production of standard and cheap products that can compete favourably with foreign products when the African Continental Free Trade Area commences, NIKE POPOOLA reports
Comparative advantage
Nigeria has consistently maintained foreign trade deficit records in recent quarters. This means imports have continued to exceed exports.
This situation is a major concern of stakeholders who are worried about the capacity of the country to compete favourably with its continental neighbours when the African Continental Free Trade Area starts on January 1, 2021.