On Wednesday, the Federal Government of Nigeria revealed that the country was not in a hurry to sign the controversial African Free Trade Agreement (AFCFTA).
Dr Adeyemi Dipeolu, Special Adviser to the President on Economic Matters, has made this known in Ibadan at the 60th anniversary lecture of the Department of Economics, University of Ibadan.
He said: “Nigeria’s reluctance in signing the African Free Trade Agreement is based on the commitment to ensure that only what will benefit its economic interest is implemented as a policy.
“We have to look at the current theory to influence our trade policy while our policy on transshipment must be addressed.”
Also speaking, the Coordinator, African Trade Policy Center (ATPC), United Nations Economic Commission for Africa (UNECA) Dr David Duke, said: “The agreement may well offer better opportunities for African economies to industrialise than African relations with external partners.
“The average tariff when we export our goods is eight per cent compared to the two per cent export and we are looking towards bringing the eight per cent back to us.”