Tuesday, August 13,
2019 / 07:10PM / Nifemi Taiyese for Proshare WebTV / Header Image Credit: Shipsandports
As Nigeria recently signed the Africa Continental Free Trade Agreement, AFCFTA, the Head of Nigeria’s Office of Trade Negotiations, NOTN Ambassador Chiedu Osakwe in a recent economic discourse in Lagos, has called on companies in Africa to explore Merger and Acquisitions, M&As to create value from the continental treaty.
He believed Merger and Acquisitions should be worked on, not just within the AFCFTA market but the sub-regional level like the ECOWAS markets.
According to him “Openness to trade and investments are the foundation of the wealth of nations. Any country that does not understand this will go downwards and won’t come out”.
Speaking further he asserted that one of the avenues a nation can achieve sustainable economic growth, that creates jobs and opportunities will be based on trade and investments.
Ambassador Osakwe decried the philosophies of irrational protectionism that is shaping global international trade, and commended his principal President Muhammadu Buhari for signing the AFCFTA on behalf of Nigeria.
The seasoned trained negotiator said African companies can learn from their European counterparts, who have through the “Eurozone” have achieved several Merger and Acquisitions, M&As covering the financial services, manufacturing, energy, agro-business, aviation, insurance etc.
Giving further updates Amb. Chiedu Osakwe noted that so far in the area of the rules of origin, about 88.8% of the tasks has been completed, while the National Action Committee on AFCFTA inaugurated by the President is poised to scale the work on ensuring Nigeria gains from the trade agreement.
He called on the private sector in Nigeria to work out a robust mechanism for advising the government on trade and agreements within the African and West-African markets, even as it concerns the AFCFTA.