Legal experts have assured that the commencement of the African Continental Free Trade Agreement (AfCFTA) in January 2021 would boost the economies o member nations.
According to Prof. Oramah, President of Afrexim bank, he said “Thank God our leaders have risen to the challenge. The African Continental Free Trade Agreement provides that alternative. The journey for a rich African has already begun with the signing of the AfCFTA,” he said and lamented that the emergence of covid-19 has caused the shift of the commencement of the Agreement from July 2020 to January 2021. He stressed that AfCFTA is expected to boost inter-African trade.
He however maintained that it was never in contest that AfCFTA was a very relevant continental pact meant for the economic growth of member states. According to him, the closure of land borders by Nigeria around October 2019 to curb smuggling aggravated the situation.
This is because it was coming at the heels of the pressure to sign the pact.
“Covid-19 provided an opportunity to assess the contribution of international trade to the global economy. Consequently, it has become imperative for concerted efforts to be made at the regional level to restore things,” he stated.
Business Day, August 6, 2020
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