Ever since President Muhammadu Buhari signed the African Continental Free Trade Area (AfCFTA), there have been different shades of opinion regarding the impact of the African trade agreement, with the likes of Aliko Dangote and BUA‘s Chairman, Abdul Samad Rabiu, warning Nigeria of a possible setback in the implementation of the agreement. A recently released report has now attested to the negative impact of AfCFTA.

The report stated that the trade agreement among African countries will cause a surge in importation when it comes into full force. It was learnt that the importation rate of Nigeria will shoot up to 251% within 15 years.

Nigeria signed the agreement in July, a year after over twenty other African countries signed. The delay was caused by anxiety and doubt over the efficiency of the AfCFTA as Nigeria had been in other African trade agreements that weren’t productive.

The new report is a research work done by the Centre for Trade and Development Initiatives of the University of... https://nairametrics.com/2019/08/09/new-report-shows-afcfta-will-negatively-affect-nigeria/

we need at least 10 years of trade protection to allow our industries grow before sign this type of agreements.