14th July 2024
Eastern News News Round TV




The immediate past Imo Deputy Governor, Prince Eze Madumere has applauded President Mohammadu Buhari’s accedence to African Continental Free Trade Area (AfCFTA), saying that it will improve transnational security and spur the country to attain its potentials.

Madumere’s statement was contained in a press release signed by his Special Adviser on Media, Uche Onwuchekwa Madumere.

He remarked that the development is a welcome one, since it will naturally improve the security architecture at the borders since it will be holistic one for all the member countries.

I am positive that our membership to the African Continental Free Trade Agreement (AfCFTA) will improve the security architecture at the borders. This is so because it will naturally relax some of the bi-lateral and multi-lateral protocols in fighting cross border crimes and offences. Sharing of intelligence becomes every member country’s responsibility.”

Economically, Madumere believes the Agreement will serve as a wake-up call to Nigerian productive sectors. They should seek to take the opportunity and consolidate in the areas where Nigeria has a comparative advantage. “It will a true test of Nigerian ingenuity”; he said.

“I really applaud President Mohammadu Buhari for acceding to the AFCFTA agreement in Naimey. We were the 53rd country to sign. With what we have done in Agricultural sector, manufacturing sector, I feel that they will serve as a hedge to whittle down on the adverse effect.” President has done quite well for his proactive measure to put the country on the right footing before getting us involved. With investments going on in Power and Transport sectors, we will be in good position to make the best of the market liberalization.”

Madumere further expressed enthusiasm with the new policy on textiles, which will automatically resuscitate the cotton growing and its utilization to finished products. He extolled the executive order to the uniformed agencies to source their uniforms locally rather than rely on importation, describing it as a welcome development.

Madumere further called on Nigerians to key into the vision and take the advantage to make their lives better in so far as they are equipped with requisite entrepreneurial skills and the innovativeness. He said that the agreement will also create room for easy access to professional services. This makes it easier as well for Nigerian professionals to exploit and explore the opportunity.

He however warned that the regional integration, especially in the area of market liberalization is not without its pitfalls. He said that regulatory agencies and other standard sanctioning sister bodies must be proactive to avoid making Nigeria a dumping ground for substandard products and un healthy genetically modified produce.

He also tasked Nigerian manufacturers to raise the bar and explore other techniques through which they can reduce cost of production so as to remain competitive.

“Though I am yet to see the negotiation papers but the pit falls are usually the same. For us to maintain an appreciable balance of trade, we must put things in the right places. Power, research, transportation, technology and innovativeness are the driving factors. All our productive sectors must be up and doing. The mother of all these is the steel industry. Mr. President holds that dear to his heart, otherwise cheap products with one health hazards or the other will flood our market”; he said

Madumere also stated that while there is no denying the fact that regional integration in any guise is subset of globalization with capitalist orientation but with select policy hedges, its dire destructive effects may be reduced for countries, which its industries are still at infant stage.

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