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.
The Human and Environmental Development Agenda, Re:Common, Global Witness, and Corner House, have called on the Nigerian government to stand against Eni’s legal move over the oil processing license (OPL) 245.
Eni plans to argue that the country’s failure to allow it to exploit an oilfield it acquired with Royal Dutch Shell nearly a decade ago breaches their investment agreement.
Nigeria has negotiated and almost concluded the rules of origin to pave way for Nigeria’s ratification of the African Continental Free Trade Agreement (AfCFTA).
Nigeria’s High Commissioner to Canada has called for the review of the investment agreement between Nigeria and Canada.
Nigeria is currently in the process of ensuring the ratification of the African Continental Free Trade Area (AfCFTA) agreement, the minister of trade, Niyi Adebayo, said.
Nigeria is undertaking series of reforms of the country’s bilateral investment treaties to attract responsible, inclusive, balanced and sustainable investments.
For Nigeria to compete and survive in the African Continental Free Trade Area, it must as a matter of national emergency ramp up industrialisation and manufacturing activities, the Speaker, House of Representatives, Femi Gbajabiamila, has said.