AfCFTA will increase wealth creation among Nigerians, says Buhari’s aide | The Guardian Nigeria News


The Senior Special Assistant (SSA) to the President for Public Sector Issues and Secretary of the National Action Committee (NAC) on the African Continental Free Trade Agreement (AfCFTA), Francis Anatogu, said trade policy would reduce poverty in Nigeria and boost the wealth-creating capacity of citizens when it takes off

Anatogu said this during the Manufacturing Association of Nigeria (MAN) Toiletries and Cosmetics Manufacturing Group (T&C Group) CEO Dinner/Lunch in Lagos.

He described the regional trade pact as a process that would benefit generations to come, but noted that inter-agency collaboration was needed if Nigeria got the most out of the deal, adding that those who would benefit “are likely still in primary schools. .

The aide revealed that his committee was in talks with relevant agencies on areas of collaboration. He said it is in the interest of all Nigerians to ensure that the AfCFTA, which is expected to boost trade among African countries, realizes its grand ambition.

“Intra-African trade will lift millions of people out of poverty. Nigeria has enormous potential. The global cosmetics market is a N32 billion industry, but we need to produce competitively to sell to the rest of the world,” he explained.

Anatogu said the committee would work with cosmetics makers to prepare them to get the most out of the deal.

The group’s chairman, Uche Okafor, said Nigeria has a competitive edge in cosmetics and could be the country’s selling point under the AfCFTA.

If manufacturers get their packaging right, he said, they could compete with their peers in any part of the world.

“There are areas where we need to improve; packaging is one of the areas. There may be expertise issues. But players are constantly building their capacity.

The biggest challenge is infrastructure. With government support, the sector can become a major driver of the economy,” he said.

Participants discussed funding, regulatory and packaging issues, calling on the government to create an enabling environment for manufacturers.

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