Buhari outlines own vision of Intra-African trade

President Muhammadu Buhari

Mr Buhari spoke while receiving a report of a committee he set up to review the African Continental Free Trade Area (AfCFTA).

The president has been criticised by many for his refusal to sign the AfCFTA when most other African countries have signed.

Mr Buhari has, however, said the agreement needs to be reviewed to ensure it benefits Nigeria before he would sign.

Speaking on Thursday, the president said the AfCFTA as it is “will have both positive and negative effects on us as a nation and on our region.”

The president said “intra-African trade is only 14% of Africa’s total trade. Our consumption is mostly of goods imported from outside the continent.”

“For AfCFTA to succeed, we must develop policies that promote African production, among other benefits.

Speaking on his vision for intra-African trade, Mr Buhari said, “Africa, therefore, needs not only a trade policy but also a continental manufacturing agenda.”

“Our vision for intra-African trade is for the free movement of “made in Africa goods”. That is, goods and services made locally with dominant African content in terms of raw materials and value addition.”