Lawyers endorse Nigeria joining Africa trade pact

Lawyers have voted in favour of Nigeria joining the African Union Continental Free Trade Agreement (AfCFTA). The voting was conducted at the 12th Annual Business Law Conference of the Nigerian Bar Association  Section on Business Law (NBA-SBL) in Abuja last week. Following presentations at the three-day event and a debate on Friday, lawyers opted for […]

Lawyers have voted in favour of Nigeria joining the African Union Continental Free Trade Agreement (AfCFTA).

The voting was conducted at the 12th Annual Business Law Conference of the Nigerian Bar Association  Section on Business Law (NBA-SBL) in Abuja last week.

Following presentations at the three-day event and a debate on Friday, lawyers opted for Nigeria’s leveraging on its size and entrepreneurial abilities on the continent-wide free trade zone. 

Earlier during the opening session, Vice President Yemi Osinbajo (SAN) identified concerns over dumping of goods into the country as one of the factors over Nigeria joining the free trade agreement.

He, however, said the Federal Government was consulting with relevant stakeholders with a view to understanding the benefits of the agreement to Nigeria.

“Our vision for intra-Africa trade is for free movement of made-in-Africa goods – goods made by Africans using local raw materials, not just free movement of goods.

“Our decision to delay the signing of AfCTA and to extend consultations is to ensure that our participation does not adversely impact on the progress that we have made to date,” he said.

Speaking earlier on the topic: “Bringing Down the Barriers: The Law as a Vehicle for Intra-Africa Trade”, the Nigerian Chief Negotiator/Director General of the Nigerian Trade Negotiations, Amb. Chiedu Osakwe, said the AfCFTA provided legal order, rights and obligations with safeguards for participating countries.  

“It is about domesticating our trade law and modernising our trade environment,” he said.

Speaking among the panel of discussants, Professors Bola Akinterinwa, Pat Utomi and Babajide Shodipe harped on the need to engage stakeholders, especially, the Manufacturers’ Association of Nigeria (MAN) and to strike a balance between the various segments of the manufacturing sector.