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Lagos, March 5, 2021 Mr Wamkele Mene, Secretary General, Africa Continental Free Trade Area (AfCFTA) has described the AfCFTA as a driver for Africa’s recovery from the impacts of the coronavirus pandemic. He said it would drive recovery from impacts of the pandemic on the continent’s industralisation growth and development agenda. Mene made the assertion during a courtesy visit to the Lagos Chamber of Commerce and Industry (LCCI) on Friday in Lagos. He said the continent’s ability to trade in merchandise and services inclusive of the airlines industry, tourism and other components was critical to its recovery. Mene said that Africa, before the onset of the pandemic, was a significant market with a growing rate of 3.4 per cent annually, and the producer of six out of 10 fastest growing economies of the world. ....
• Intrigues over appointment of substantive AfCFTA chief trade negotiator • Rules of Origin abuse worries manufacturers • 81% rules of origin negotiated, abuse worries manufacturers Despite Nigeria’s comparative advantage and self-sufficiency status in the production of certain products, cement, flour, rice, sugar and 180 other products would not be liberalised under the African Continental Free Trade Area (AfCFTA), even though doing otherwise would help the country tame its rising inflation, The Guardian learnt.
Sources familiar with the tariff lines in the schedule submitted to ECOWAS by Nigeria for negotiation told The Guardian that, while 131 products are already on the import prohibition list, the remaining products on the exclusive list were picked based on national priorities, trade volume, priority, food security and competitive advantage. ....
The Nigerian Office of Trade Negotiations (NOTN) says trading has not begun under the African Continental Free Trade Area (AfCFTA) agreement because it is still in the process of domesticating the guidelines. ....