Azubogu Calls for improved Infrastructure if Nigeria will benefit from AfCFTA
Says AfCFTA promises benefit for Nigeria in the Manufacturing sector if we can improve Infrastructure such as power supply, transportation system, etc.
Adds Owerre-Ezukalla water fall is one of the key Tourism potentials of the country that we have to structure as a thriving tourists destination in Anambra State
Engr Chris Emeka Azubogu stated this while interacting with some Anambra indigenes that visited him at his Umunnealam Umudim, Nnewi Country home, on January 1st, 2021.
With this African Continental Free Trade Area( AfCFTA) coming into force from January 1st, 2021, for Intra-African trade, 90 per cent of all goods will become tariff free for the countries that have deposited their instruments of AfCFTA ratification.
With all the African countries, except Eritrea, participating, the AfCFTA would have the largest number of member countries in any trade deal since the formation of the World Trade Organization.
According the Anambra born Federal Lawmaker and a proponent of Industrial development Infrastructure, “we must speed up investment on targeted infrastructural facilities that will crash cost of local Manufacturing and movement of goods in order to compete favourably with the coming of AfCFTA.
“The AfCFTA trade Agreement present a market consisting of 1.2 billion people and a combined GDP of $3 trillion with 54 of the 55 African Union member states and we have to do everything possible to crash the cost of Manufacturing and Distribution as a people in Nigeria in order to benefit from this new deal”
Azubogu added that “this is not a time for celebration, but a time to put up framework that will make our country’s economy to benefit from this 1.2 billion market.
“We have to prioritize Industrial Development Infrastructure.
“We must put human and physical Infrastructure that will turn our huge population as a productive assets in order to benefit from AfCFTA.
“We have to put framework that will protect jobs and put us in a strategic position as a country that will benefit from AfCFTA deal and not to be a dumping ground with the coming of AfCFTA.
“We have also to prioritize skill manpower development as a Country,” Azubogu said.
“Shying away from holistic pursuit of Gas Infrastructural Development for Manufacturing Clusters as a priority Policy across our country, will continue to hurt the Nation’s economy especially with the coming of AfCFTA,” Azubogu worried.
With AfCFTA, intra-African trade that is within 15 to 18 per cent of overall exports, is projected to increase.
Azubogu stated that Anambra State must key into this 1.2 billion market in order for the state to benefit from AfCFTA new trade deal.
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