Manufacturers task government to fasten AfCFTA implementation

The Manufacturers Association of Nigeria (MAN) has called on the Nigerian Government to fasten the implementation of the African Continental Free Trade Area (AfCFTA) to boost its industrialisation goals.

The association also called on the government to tackle Nigeria’s electricity and interest rate issues to take advantage of tariff-free African trade.

This was disclosed by Mr Mansur Ahmed, President of MAN at the 11th Business Luncheon of the Apapa Branch Council of MAN on Thursday in Lagos, themed: “Improving Nigeria’s Manufacturers Competitiveness Within the Context of AFCFTA’s Implementation.”

The Nigerian National Action Committee on the AfCFTA has already said that its strategic objective is to capture 10% of Africa’s imports by 2035, thereby doubling Nigeria’s export in the process.

MAN’s President urged the Federal Government to fasten the implementation of the AfCFTA and support its industrialisation drive because Nigeria is not currently competitive enough to fully maximise and harness the benefits of the AfCFTA.

He added that Nigeria lacks competitiveness in areas including infrastructure and electricity, which comes at a cost, citing that South African manufacturers have access to gas and electricity compared to those in Nigeria.

“Almost all manufacturers have to provide their own electricity. To provide electricity, they have to buy generators and fuel them. A company here will have to generate its own water and pay government for generating the water,” he lamented.

He added that the FG must also tackle interest and exchange rates challenges, because “There is no way any of our manufacturers can source 100 per cent of their inputs locally. There are still some things that need to be imported.”

The president said the association would continue its advocacy to ensure that the cost of doing business was reduced.

Nairametrics