AfCFTA 2020: The real deal?

AfCFTA 2020: The real deal?

Must Read

List of Guaranty Trust Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...

Top 10 Most Expensive Universities In Nigeria

For many Nigerians, high-quality higher education is a luxury. There are many private universities who are known not only...

UNILAG Ranks 1st In Nigeria and 8th In Africa

The University of Lagos has been ranked 1st  in Nigeria and 8th in Africa, by uniRank University Ranking™, the leading...
- Advertisement -
- Advertisement -

Trading under the Africa Continental Free Trade Agreement (AfCFTA) framework is slated to start in July 2020, even though regional developments in 2019 suggests that many African countries are unprepared to implement the commitments of the deal. The re-emergence of xenophobic attacks in South Africa (Services), indefinite closure of Kenyan border with neighboring Somalia (with cross-border trade banned in the process) and the closure of all land borders by the Nigerian government (Goods), just three months after celebrating its signing of the AfCFTA, buttress this position.

Notably, the overall success of the AfCFTA is in doubt amid a perceived push back by states to embrace the rules of economic integration. Thus, without a willingness by countries to take commitments made under the AfCFTA seriously and match their words with concrete deeds, AfCFTA risks not being the game-changer it could be.

Read:  Dangote Cement Controls 65% Market Share

Beyond the above, impediments to trade between and among African countries such as transport and other key Infrastructure, currency and language barriers, are critical issues that may slow down the pace of the potential gain from the Agreement. In all, if the AfCFTA is to succeed, African states – especially South Africa, Nigeria, and Egypt – must embrace more liberal transnational trade policies. This will require sustained efforts from governments, the private sector, and civil society, to digest and disseminate information about the potential of the AfCFTA to generate jobs, improve infrastructure and boost economic growth.

Read:  Price of Tomato, Yam, Rice, increase in December - NBS

UNITED CAPITAL RESEARCH

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

11 PLC FY’19 – Lower Margins Weaken FY’19 Earnings

Revenue advances 16% y/y FY’19 rental income dips 7% y/y Records a PAT of ₦8.9 billion (-5% y/y) ...

FBN Holdings PLC FY’19 (Unaudited) Earnings – Bank Records 4% y/y Growth in Gross Earnings, PAT

Provisions moderate 52% y/y cost-to-income ratio remains above 70% 20% y/y jump in Opex drags profits High Opex erodes mild earnings gains FBNH released its...

Stanbic IBTC Holdings Plc FY’19 (Unaudited) Earnings – Bank Records Modest y/y Improvements

PAT beats estimate on lower Interest Expense Loan portfolio up 21% y/y, Deposits down 34% Opex declined 1% y/y to ₦71.6 billion (Estimate:...

Businesses to Flourish in Omishakin Community as Airtel Pledges to Provide Electricity after 13 years

The third episode of the award-winning television programme ‘Airtel Touching Lives’ is scheduled to air on the 16th of February on national and cable TV....
%d bloggers like this: