Mr Bayo Olugbemi, President, Chartered Institute of Bankers of Nigeria (CIBN) says the banking sector in Nigeria has a good capital base to facilitate the successful implementation of the African Continental Free Trade Area (AfCFTA) agreement.
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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.
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The President, Major General Muhammadu Buhari (retd.), has approved the immediate reopening of four of Nigeria’s land borders.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who disclosed this to State House correspondents at the end of the weekly meeting of the Federal Executive Council, said rice and poultry products remained banned.
The FEC meeting was presided over by Vice-President Yemi Osinbajo. Buhari, who is currently on a private visit to his hometown, Daura, in Katsina State, participated in the meeting virtually.