AfCFTA Secretary-General allays fears of turning Nigeria into dumping ground
“So, we have to make sure that we are very vigilant against the transshipment of goods, against fraudulent invoicing.
“In the agreement, there are rules: anti-dumping measures, all these rules are meant to protect domestic economies.
“If you see there is the importation of certain goods from certain countries, the agreement allows you to take action against those goods in that country.
“So we have built into the agreement safeguards to make sure that we minimize these.
“Fraudulent invoicing, and transshipment, like any other crimes, those things will always be there, the issue is to mitigate and make it difficult” Mr Mene declared.
“What I always find interesting is that many times, we are willing to accept goods from a country whose name I would not mention that is not on this continent., substandard goods, goods that don’t meet our own requirements, these are the things we have to be vigilant against because it is not a Nigerian market, a Malian market, a Ghanian market, it is AFCTA market.
“We are now creating one market, so if there is dumping in Nigeria, it impacts all of us. If it is dumped in another country, it imparts on all of us.
“So I really appreciate the sensitivity of this issue of dumping and I understand it.
“I mentioned in the previous session that in Southern Africa, there is a sugar that is being dumped from another part of the world that is being brought here, displacing the local market in Southern Africa, and creating job loss.
Court reverses self over contempt charge against Fidelity Bank chief
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Supreme court restrains FG from enforcing naira swap deadline
CBN succumbs to pressure, extends use of old naira notes to February 10
Up till Saturday, CBN had insisted on the 31st January deadline for the validity of the old N200, N500 and N1,000 despite overwhelming complaints that the notes are either not available or in short supply in the banks or their Automated Teller Machines.
Last October, Emefiele announced the Naira redesign policy which entails the issuance of new notes to replace the existing N200, N500 and N1,000 series.
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