AFCFTA HAS POTENTIALS TO INCREASE EMPLOYMENT OPPORTUNITIES AND INCOME – Adeleye Ajayi
By Silas Onuoha
The Nigeria Union of Journalists (NUJ) Chairman Lagos State chapter, Mr. Adeleye Ajayi, has said that African Continental Free Trade Agreement (AfCFTA) has potentials to increase employment opportunities and income, helping to expand opportunities for all Africans.
In his opening speech at a one day workshop on challenges of African Continental Free Trade Agreement On Nigerian Businesses held in Lagos yesterday at Airport Hotel, the NUJ chairman stressed that AfCFTA can bring 30 million people out of extreme poverty and raise income of 68 million others who live on less than $5.50 per day.
He said ,
“With the Implementation of AfCFTA, trade facilitation measures that cut red tape and simplify Customs procedures would drive $ 292 billion of the $ 450 billion in potential income gains.
He went further:
“Implementation of AFCFTA would usher in deep reforms necessary to enhance long-term growth in African countries.
Achieving the full potential of AFCFTA will depend on putting in place significant policy reforms and trade facilitation measures.
The scope of AfCFTA is large. The agreement will reduce tariff among member countries and cover policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade.
“Full Implementation of AFCFTA would reshape markets and economies across the region and boost output in the services, manufacturing and natural resources sectors”.
He added :
“As the global economy is in turmoil due to the COVID-19 pandemic creation of the vast AfCFTA regional market is a major opportunity to help African countries diversify their exports, accelerate growth and attract foreign direct investment”.
Mr Ajayi pointed out that creating a single, continent wide market for goods and services, business and investment would reshape African economies. Adding that the implementation of AFCFTA would be a huge step forward for Africa, demonstrating to the world that Africa is emerging as a leader on the global trade agenda.
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