How food, drug companies can take advantage of AFCFTA , by NAFDAC

THE Director General of the National Agency for Food and Drug Administration and Control ( NAFDAC) Prof. Mojisola Adeyeye, has reiterated the Agency’s resolve to encourage the Micro Small and Medium Enterprises ( MSMES) in Nigeria to take advantage of the Africa Continental Free Trade Zone Area ( AFCFTA) to expand their business frontiers and enter the global market.

Adeyeye said this would help to fast track the much- expected transformation of the Nigeria’s economy.

Adeyeye made the assertion on Friday in Abuja during a sensitisation webinar on the roles of NAFDAC in the implementation of Africa Continental Free Trade Area AFCFTA Agreement that took effect on January 1, 2021.

In a statement signed by the Resident Media Consultant, Sayo Akintola on Sunday, the NAFDAC DG noted that it required active involvement of the Agency with the movement of goods in the markets of Africa free zone area while at the same time safeguarding and ensuring that the expected quality, wholesomeness, efficacy to human and animal health are guaranteed.

“The AFCFTA Agreement covers trade in goods and services, investment, intellectual property rights and competition policy. The AFCFTA is to create a single market for goods and services in 55 African AU Member States. It also aims to liberalise and facilitate the movement of people, investment, and business across the continent.

“It would amongst others, expand market frontiers for Nigerian exporters of goods and services, establish rules to evoke trade remedy, safeguard the Nigerian economy from dumping and unfair trade practices and improve competitiveness.”

According to her, the AFCFTA is going to be the world’s largest trade area in terms of 54 ( out of 55) participating countries, adding that it would form a $ 3.4 trillion economic block and bring together 1.2 billion people with a Gross Domestic Product ( GDP) of over $ 2.5 trillion. Adeyeye posited that this would usher in a new era of economic development.

‘’ Nigeria cannot afford to be left out from the gains’’, she said. She however, expressed satisfaction with the enthusiasm already shown by the Nigerian entrepreneurs in the scheme with room for improvement.

Adeyeye said that in the extant regional Economic Community of West African States ( ECOWAS) Trade Liberalisation Scheme ( ETLS) that happens to be one of the regional economy community ( REC) building blocks for AFCTA, over 850 Nigerian companies with more than 6,000 products had been admitted into the Scheme with participation level of 50 per cent of the regional total.