… Says institutional, Countries’ failure to enforce Rules Of Origin is AFCFTA biggest risk
By Henry Daniel
The Lagos Chambers Of Commerce and Industry, LCCI, says Nigeria’s exit from economic recession is not feasible in the first quarter of 2021 but hopefully in the second or third quarter of the year if the federal and state governments do the right things at the right time.
The Director General, DG, Muda Yusuf made this at Channels TV Business morning program on “Expectations From Business Community in 2021” monitored by our correspondent, the DG said Nigerian business environment is still hostile from all indices hence the need for the government to act fast to secure investors confidence.
Acccording to him, creation of conducive economic environment is sine quo non for any meaningful development. His words, “COVID-19 taught us a lot, now the president has pledged to resuscitate the economy, improve security among others, but the economy cannot improve where the environment is not secured for investors. The Sea Ports need to be fixed and an unbiased independent dispute Resolution System must be established to settle issues between the Nigeria Customs Officers and importers/ Ports operators,”
Yusuf stressed the need to give top priority to youth development to address young restiveness, he called on the federal and state governments to swing into action in doing what they vowed to do regarding giving the people a better life. He avowed, “The president has spoken, but it’s not over yet, we need commitment, we need actions especially in the up and down streams oil sector. If the proposed reforms in a secured environment are sustained, more investors will come. There is also need to normalize the foreign Exchange Market by a market driven Exchange rate.
“More so, there is need for capacity building in the Ports, some of the activities of Nigeria Customs Officers are frustrating because they are mainly chasing revenue. To get AFCFTA working as expected, there must be sound institutional and Countries’ commitment to enforce the rule and terms of Origin of products, failure to do that is the biggest risk of AFCFTA,” he affirmed.