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Nigeria free trade agreement benefits should win out

Wednesday, July 24, 2019

Subject

Nigeria joins AfCFTA.

Significance

After over a year of consultations and deliberations, President Muhammadu Buhari’s administration on July 7 finally signed up to the African Continental Free Trade Agreement (AfCFTA). Despite some valid concerns from local industry and ongoing political opposition, Buhari followed the recent recommendations of a government-commissioned committee.

Impacts

  • Over the medium term, Nigerian consumers should benefit from cheaper imports in areas such as the food and beverage sectors.
  • The industrial sector will see some reorganisation, with competitive sectors looking to expand their capacity to tap into new markets.
  • Several sectors (such as poultry or food processing) will likely undergo productivity enhancing reorganisation amid new competition threats.
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