Trade Investment | |
Trade Investment | |
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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.
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