Nigeria to renegotiate unfavourable trade agreements: Minister

The decision came amid the country’s commitment to the African Continental Free Trade Agreement (AfCFTA).

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.

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.

Nigeria has also seen an impressive rise in the number of micro, small and medium enterprises (MSMEs), with 248,454 new such businesses registered in the first quarter this year, bringing the total to 263,454, domestic media outlets reported citing the minister.

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.

ALCHEMPro News Desk (DS)