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#Advantages of the African Continental Free Trade Agreement #AfCFTA signed over the weekend by @MBuhari
1. Gross reduction in tariff, helps reduce cost of doing business.
2. Creates New markets for your business.
3. Attracts foreign investment for Nigeria which provides stable exchange rate.
4. A boom for transport industry. Provides incentive to solve Nigeria's logistics problem
5. Reduce unemployment as more Nigerians can seek jobs in other African countries. Companies can also have access to talents across Africa.
6. Access to raw material inputs which is required to improve the rate of production. Nigeria can tap into Africa's rich pool of natural resources.
7. Exports for Nigeria's service industry. Nigeria has built considerable capacity over the years and can export this to other African countries. From Sport betting to property development services, our horizon is limitless.
#Disadvantages of the African Continental Free Trade Agreement #AfCFTA signed over the weekend by @MBuhari
1. Increase in smuggling
2. Poor regulation can make your business less competitive
3. Loss of quality jobs to other African countries
4. SME's might not survive it as competition from larger markets can kill your business before it even takes off.
5. Poor power supply situation makes us less competitive to produce goods. It's probably going to take years to solve our power situation making other African countries take the lead in manufacturing export.
6. Lack of enabling laws to protect property rights and intellectual property means other African countries can steal your ideas with impunity
7. Reduction in government revenue due to tariff elimination can lead to lack of funding for infrastructure. This is if the government doesn't benefit from increased trade.
