Minister of industry, trade and investment Jumoke Oduwole has said that Nigeria will reassess all existing trade pacts and renegotiate unfavourable ones to ensure these did not put the nation at disadvantage .
Oduwole told an editors’ roundtable organised by her ministry that AfCFTA will benefit Nigeria a lot more as companies could easily cross borders to sell their products and services.
The decision came amid the country’s commitment to the African Continental Free Trade Agreement (AfCFTA).
She revealed that the country’s commitment to the AfCFTA, it is advancing digital trade initiatives and talks by the Nigeria Export-Import Bank for credit lines from the African Export-Import Bank will conclude soon.
Existing agreements allow any foreign investor to invest cent per cent in Nigeria without hassles. However, in the aftermath of AfCFTA, concerns were raised in several quarters that such agreements may make the country a dumping ground for foreign goods manufactured in African countries, resulting in damage to domestic manufacturers.
The country is advancing AfCFTA digital trade initiatives and negotiations by the Nigeria Export-Import Bank for credit lines from the African Export-Import Bank are set to conclude by the second quarter this year.
