Makers’ Debate on ACFTA
As the debate on the African Continental Free Trade Agreement (ACFTA) rages with former President Obasanjo asking President Buhari to sign, for Nigeria, and small people like me asking Mr. Buhari to wait until the “rule of origin” clause is improved to protect Nigerian manufacturers, many here postulated that Nigeria should NOT be afraid.
Yes, we should not be protective even when we have no electricity, and basic things required for competitive manufacturing. Simply, go out there and lose!
In this piece, Nnamdi x-rays many things and lays a roadmap on how Nigerian manufacturers can get back to winning ways. It is a brilliant piece; I commend his efforts.
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The most striking is the lending rate: Nigerian manufacturers borrow at 3 times more than Ethiopian manufactures from commercial banks!
I promise you one thing: if they have ACFTA, and Ethiopia can offer this rate to makers, many will move to Ethiopia while keeping sales offices in Nigeria. With no levy on import, they will be better in the long-run.
