NACCIMA: AfCFTA Provides Opportunity for Nigeria to Dominate Africa

Dike Onwuamaeze
The leadership of the Nigerian Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA) has challenged Nigerian businesses to shed the toga of fear of Nigerian becoming a dumping ground and step out boldly to compete and dominate African economy with the opportunities offered by the African Continental Free Trade Area (AfCFTA) agreement.

This challenge was given recently, during the inaugural press conference of the new President of the NACCIMA, Mr. John C, Udeagbala, who stated that competition under the AfCFTA would strengthen Nigerian businesses rather than and drowning them.

Udeagbala said: “I want to be very honest with you as I will be speaking as an industrialist. Initially, I entertained fears as a manufacturer about Nigeria becoming a dumping market knowing the state of our infrastructure, especially power.

“That was my personal fear. But if we do not join the train at the station it is going to leave us behind. African trade has been going on before now and if you go to Ghana and other countries you will see a lot of trucks moving in from Nigeria with goods.

“For instance, shoes and leather products that are made in Aba go as far as Guinea, Gambia, and Cameroon. So, I believe that it is better that we go into the competition. It will strengthen us.”
Udeagbala also said NACCIMA under his leadership would focus on strengthening the collaboration between the private sector and the National Assembly, federal and state governments and pursue the effective implementation of the AfCFTA agreement.

Other areas of focus, according to him, would be the creative sector, harnessing technology and digital ecosystem, enhancing gender and youth empowerment as well as strengthening the collaboration between the private sector, diplomatic missions and development agencies.

He also pledged to champion the creation of “enabling environment for Micro, Small and Medium Enterprises with a focus on business and capacity developments in the areas of agriculture, industry and services.”
Speaking in the same vein, the First Deputy President of NACCIMA, Mr. Dele K. Oye, said that Nigeria has nothing to lose as the country’s manufactured goods have been competing fairly in the African market even before the commencement of AfCFTA.

Oye said: “Our manufactured goods are selling all over West Africa. How many African countries have refineries of the capacity of Dangote Refinery? We are already there trading in cement and other products.

“It only remained to give the informal traders the opportunity to formalise their enterprises. A lot of them are involved in African trade without structures. So, the AfCFTA will give them the opportunity to formalise their business and enable them to enjoy government support.
“Moreover, the Rule of Origin stated clearly that any product that is not manufactured in Africa will not be traded under the agreement.”

Also, the Second Deputy President of NACCIMA, Mr. Jani Ibrahim, observed that Nigeria should not endanger sectors of the economy where it had the competitive advantage to dominate African market like the financial, legal, fashion and creative services because of the bogus fear of becoming a dumping ground of finished products from other countries.

Ibrahim highlighted that ironically other African countries are much afraid of Nigeria’s domination under the AfCFTA.
He said: “The AfCFTA will engender competition. But it is not in all areas that we are weak. The service sector is about 54 per cent of our GDP. Manufacturing is around 10 per cent.