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Nigeria
Insights on how local Nigerian brands can become regional and pan African giants by leveraging opportunities that AFCFTA provides. The role of government and private sector investors in this drive.
Algerian Foreign Affairs Minister Ramtane Lamamra’s announcement on 24 August of a new break in diplomatic relations with Morocco is another setback for free trade and free movement on the continent.
The Nasarawa State government has announced that it has marked over 270,000 hectres of land for the purpose of purely commercial agriculture to earn foreign exchange for the state through the Africa Continental Free Trade Area (AfCFTA).
AfCFTA roundtable brought together business leaders, academia, government representatives, trade, and legal experts to discuss and deliberate on dispute issues in implementing the agreement in Nigeria.
There is a sense of drift in Africa’s trade relations with the West, as both America and Europe rethink how they do business with the continent. The old approach was paternalistic and gave Africans little say. But the new one, handled badly, could put Africa’s own integration at risk.
AfCFTA was supposed to usher in a new era of continental trade and economic growth—but Beijing’s not letting that happen.
Ahead of the African Continental Free Trade Agreement (AfCFTA) implementation in Nigeria, the Nigerian Institute of Chartered Arbitrators and other stakeholders are seeking dispute resolution mechanisms that will address concerns of non-state entities.
Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture has charged the federal government to domesticate the African Continental Free Trade Area so as to enable the country to benefit from the full implementation of the agreement.
Some economists suggest that the liberalization of trade will result in an unequal distribution of losses and profit gains while economically dislocating a large number of workers in import-competing sectors.
Nigerian labour unions and civil society organizations have urged the government not to assent to the ECT, explaining that the Treaty contains provisions for an Investor-State Dispute System (ISDS), which accords investors obscene privileges.
The Nigerian Minister of Industry, Trade and Investment, has called for the establishment and strengthening of more arbitration institutions in Africa in line with international standards.
The Nigerian creative sector argues that the scalability of the industry within the AfCFTA will depend on the existence of a robust framework that supports IP rights and provides digital security.
The fears that Nigeria might become a dumping ground for manufactured goods, especially with the advent of the AfCFTA, has heightened as Nigeria’s Trade in Goods Statistics show rising deficit in manufactured goods trade.
Nations of the D-8 should sign a much-needed preferential trade agreement to remove tariff and non-tariff barriers, ministers and entrepreneurs of the trade bloc said.
ROYAL Dutch Shell Plc launched arbitration proceedings against the Nigerian government over a long-running community dispute.
UK has already inked post-Brexit trade deals with 13 African countries.
These new agreements, which offer duty-free and quota-free access to
British markets, aren’t much different to the old ones, as they are mainly transferring the conditions in the EU deals into bilateral agreements between the UK and the African nation, or blocs.
Dangote Industries Limited has stated that its cement expansion plan and fertiliser investments will open new trade routes for the company and Nigeria under the trade deal.
The Chartered Institute of Arbitrators (CIArb) said no nation had met the requirements for the implementation of the African Continental Free Trade Agreement (AfCFTA), despite the political will to get the pact ratified in good time.
The groups said they are concerned about the ICSID’s long-standing failure to promulgate clear rules for addressing cases where corruption has been alleged.
The Nigerian government ratified the country’s membership of the African Continental Free Trade Area Agreement.
