AfCFTA: Concern over dumping mounts as trade deficit widens

•MAN, analysts list pain points, solutions

 

We are taking steps to counter the situation – FG
By Yinka Kolawole

The fears that Nigeria might become a dumping ground for manufactured goods, especially with the advent of the African Continental Free Trade Area (AfCFTA), has heightened as Nigeria’s Trade in Goods Statistics show rising deficit in manufactured goods trade.

Analysis of the Foreign Trade in Goods Statistics of the National Bureau of Statistics (NBS) from the fourth quarter of 2019 (Q4 2019) to Q4 2020 revealed a steady increase in the value of imported manufactured goods compared to exports in consecutive quarters.

Stakeholders in the manufacturing sector are apprehensive that without strict enforcement of rules of origin when the AfCFTA becomes fully operational, Nigeria may end up a dumping ground for foreign manufactured goods.

  

The Statistics

Statistics from the NBS show that the value of manufactured…

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