NACCIMA Launches Virtual Survey Report On The Impact Of AFCFTA Agreement On Nigerian MSMEs.
Today, Friday, December 4, 2020, NACCIMA and CIPE hosted a virtual briefing to address the survey report on the impact of AFCFTA agreement on Nigerian MSMEs.
The report was presented by Mr. Adedeji Adediran a representative from the center for study of the economics of Africa (CSEA) at the briefing.
The opening remark was by Ambassador Ayoola Olukanni, the director-general of NACCIMA.
Mr. Adedeji Adeniran, during his presentation, spoke about economic integration and potential impacts.
What we know and what we do not know;
WHAT WE KNOW ABOUT ECONOMIC INTEGRATION:
1) This Leads to an improvement in intra-African trade.
2) Leads to net welfare improvement.
3) Ensure access to larger markets and skilled labor.
WHAT WE DO NOT KNOW:
1) We do not know the sector that will be affected negatively
2) How the Covid-19 will impact AFCFTA take off and welfare and distributional gains/losses.
He shed more light on the percentage of respondents from the reported awareness of AFCFTA by enterprise size and discovered that the micro and small scale are 18% which is small for awareness.
From the result of the field survey, the manufacturing sector is crucial to the economy and the awareness level is impressive
The CGE model analysis states;
1) The result suggests a 1.55 % welfare gains to Nigeria.
2) Growth in the volume of trade account for 73% of gains in real consumption
3)Nigeria’s real GDP per worker rises by 1.43% as a result of trade liberalization.
4) Nigeria imports from Ethiopia tripled and Zimbabwe doubles.
5) Among African countries with the most gains from AFCFTA are Angola, Botswana, and Seychelles.
The senior special assistant to the president of Nigeria on public sector matters and secretary of the national action committee on the AFCFTA implementation, Mr. Francis Anatogu did the launch.
The closing remark was by Mr. Olushola Ayodele from NECA, Nigeria Employers’ Consultative Association.
More details here:
