30 January 2018

Nigeria: Buhari Canvasses Single Market to Create Jobs, Reduce Poverty

Photo: Premium Times
President Muhammadu Buhari.

Abuja — President Muhammadu Buhari Monday canvassed for the speedy establishment of a single, unified market in Africa to increase trade, create more jobs and reduce poverty.

The President made the call while presenting Nigeria's position in favour of the Report on the establishment of a Continental Free Trade Area (CFTA) and related issues presented by President Mahamadou Issoufou of Niger Republic, during the 30thOrdinary Session of the Assembly of Heads of State and Government in Addis Ababa, Ethiopia.

According to President Buhari, "It is Nigeria's position that as African leaders and principal architects of our Union, we must now speed up action to conclude the negotiations and establish the CFTA."Noting that the continent has missed the timeline set by the African Union (AU) in January 2012 to establish the CFTA in 2017, he said African leaders still had the opportunity to set it up by March 2018.

A statement by Senior Special Assistant on Media and Publicity, Garba Shehu yesterday quoted President Buhari as justifying Nigeria's vote for the CFTA. The President said:"In a rapidly changing global economy, with much uncertainty, we believe that the establishment of a CFTA would provide Africa with tremendous opportunity to achieve significant growth driven by intra-African trade."

According to him, while the stakes in setting up CFTA are no doubt very high, the benefits are wide-ranging and significant."The primary objective is economic namely, for trade in goods and services on the continent. A single, unified market would lead to a comprehensive and mutually beneficial trade agreement amongst African Union Member States.

If we integrate Africa's market for trade in goods and services, we will not only double intra-African trade, but also negotiate with other regions or continents on trade matters," he said.President Buhari argued further that, "If we increase our trade, we grow faster, create more jobs and reduce poverty.

Thus, with CFTA, our continent will be more integrated, united and prosperous."He noted that the "CFTA will carry significant welfare gains associated with increased production, consumption and revenue. It will generate more economic growth, enhance efficiency and support enterprise and innovation."The Nigerian leader urged his African colleagues to also look beyond the economic benefits of the CFTA, stressing that it will "be another step in uniting Africa and consolidating the architecture of the African Union."

In his words, "The establishment of the CFTA is also the first step for the African Union in the implementation of "Agenda 2063" for the socio-economic transformation of the continent as well as being a building block in the achievement of the goals of the 1991 Abuja Treaty on the African Economic Community."

President Buhari, who commended President Issoufou on his role as the "AU Champion for the CFTA", whose work "has significantly advanced our goal to conclude and launch the CFTA," also lauded the technical support provided by the AU Commission, with Nigeria serving as the Chair of the Negotiating Forum and Chairperson of the AU Ministers of Trade.Considering the huge benefits of the CFTA, the President said Nigeria welcomed the idea and called on AU Member States to lend their strategic support without delay.

Nigeria

Sublime Soul Diva Who Demanded Respect, Which Will be Forever Given

It is no coincidence that two of Aretha Franklin’s celebrated contemporaries who travelled to Detroit to see the… Read more »

See What Everyone is Watching

Copyright © 2018 The Guardian. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.