Business News of Thursday, 9 September 2021Source: thebftonline.comFor sensitization efforts on the opportunities presented by the Africa Continental Free Trade Area (AfCFTA) to reap tangible benefits, there is a need to streamline information and target Small and Medium-Sized Enterprises (SMEs) which operate in areas where the nation holds a competitive advantage over its peers on the continent. While acknowledging concerns raised in some quarters about the scope of sensitization efforts, he stated that not all sectors, or businesses operating in those sectors, are ready to take advantage of the AfCFTA in its nascent stages; as such, priority must be given to those best placed to take advantage of the arrangement. “What I would want to see is a bit of targeting in terms of sensitization; it is not an opportunity for every business and it is not everyone who would be interested in the African market. In light of this, Mr. Nunekpeku says the harmonization of commercial laws must take precedence in the minds of key stakeholders, as “every profitable business environment is underpinned by a robust and comprehensive legal order”. If regulatory agencies ensure the effective implementation of an Africa-wide quality benchmark, it would be safe to assume that an acceptable level of investment would translate to cost-saving and parity across the board,” he explained.
