AfCFTA has to be backed with adequate policies – Lawan

President of the Senate, Ahmad Lawan, has stated that for the African Continental Free Trade Agreement (AfCFTA) to yield the intended results, it must be backed by requisite legal frameworks, right policies and robust implementation.

Lawan made this known when he received a visiting delegation from the African Continental Free Trade Area, led by its newly elected Secretary-General, Wamkele Mene, on Tuesday in Abuja.

The senate president, who was represented by the Deputy Senate Leader, Ajayi Boroffice, said that the intent behind Nigeria’s decision to sign the agreement was to benefit Africans on the continent and outside it.

According to Lawan, aside facing the challenges of unemployment  and underemployment, which have been a trigger for both regular and irregular migration, the economies of African countries have been characterised by low productivity, reduced efficiency, and the problem of limited resources.

He, therefore, described the AfCFTA as “a step in the right direction for the growth of African economies, through limited restrictions, leading to the stimulation of trade, commerce, and industry.

“In signing the AfCFTA  and depositing the instrument with the African Union Commission, our countries made a statement on the determination of our collective economic fate,” he said.

“This fate is in our hands, through requisite legal frameworks, right policies, and a robust implementation.

“The initial momentum from the signing of the agreement needs to be continued for a greater continental impact, to benefit Africans, both on the continent and outside it.

“Nigeria’s action in signing is not just an evidence of our commitment to the spirit of Africa, but a sign of our trust in a unified economic growth. The multiple benefit of the arrangement is also not lost on us.

“As the biggest market and economy on the continent, we have a strategic role to play in the evolution and stabilisation of the African economy. We are ready to expand the possibilities through our status, with your confidence in us, and the demands of posterity.”