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Nigeria must adopt the right type of macroeconomic and industrial policies – Osinbajo – Nairametrics

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Vice President Yemi Osinbanjo has stated that African governments need to provide a stable macroeconomic environment that smoothens out volatility in prices, sharp deteriorations in the current account and budget deficits to prepare for the African Continental Free Trade Area (AfCFTA).

Osinbajo disclosed this in a statement after the Roundtable on Industrialisation in Africa, a Manufacturers Association of Nigeria (MAN) event to celebrate its Golden Jubilee, titled “Positioning African Industries for Economic Transformation and Continental Free Trade”, urging the continent takes the right policy actions to maximize the AfCFTA.

What the Vice President said:

Osinbajo said, “We must take policy actions to create an environment in which businesses can thrive.

“To start with, we must adopt the right type of macroeconomic and industrial policies.

`It is important for African governments to provide a stable macroeconomic environment which avoids and smoothens out volatility in prices, sharp deteriorations in the current account and budget deficits and of course, rapid accumulation in debt burdens.”

He added that Nigeria’ manufacturers must also strive to become competitive after clearly specified time periods so that they can withstand the ever-present danger of stiff competition from imports.

He added that the AfCFTA will also boost continental trade collaboration, which would need a strong manufacturing capacity to achieve.

“When we export commodities to the rest of the world, we are also exporting jobs and the positive spillover effects such as learning that come with manufacturing are lost.

“Happily, we are already beginning to see some green shoots emerging in this regard as Nigerian fertiliser blenders obtain phosphates from Morocco for blending with urea produced in our petrochemical plants.

“Similarly, South African car manufacturers already buy leather for car seats from Botswana; we however need much more of such activities.

“If we are to see the kind of manufacturing activity that we desire, first of all, we need to develop a strong infrastructural base,” he added.

In case you missed it

Nairametrics reported earlier that the United Nations Economic Commission for Africa (UNECA) stated that the African Continental Free Trade Area Agreement (AfCFTA) will not fully succeed unless there are policies for the free movement of people in the area.

Ms Thokozile Ruzvidzo, Director, Gender, Poverty and Social Policy Division, UNECA on Tuesday during the Africa Regional Review of the Implementation of the Global Compact For Migration conference said “The AfCFTA cannot succeed if we do not look at the movement of people,”

“We cannot only look at the movement of goods and services without looking at the movement of people.

“Therefore, the Global Compact for Safe and Orderly Migration (GCM) is critical if the AfCFTA is to succeed.

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