As the kick-off date of January 1, 2021 for Africa Continental Free Trade Area (AfCFTA) gets closer, the Nigerian Federal Executive Council has finally ratified the agreement, bringing so much relief to all the key state hoders in AfCTA.
The take-off of the AfCFTA agreement was originally scheduled to commence in July this year was halted due to the spread of COVID-19 pandemic and Nigeria’s non ratification of the trade agreement.
AfCFTA was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations with the main objectives of providing a single continental market for goods and services, free movement of business persons and investment and enhance competitiveness for industries and MSME within the African region.
OtunbaAdeniyi Adebayo, Honourable Minister for Industry, Trade and Investment while speaking on the significance of the ratification agreement to Nigeria, said that AfCFTA will be a step forward for the nation; as it would further demonstrate to the world of the country’s economic leadership position on the African continent.
According to Adebayo, “with the approval of the agreement, Nigeria joins other African economies in the ratification, which will ensure Nigeria’s place as a trade party in the AfCFTA area and also demonstrate Nigeria’s leadership position as an economic powerhouse in Africa”.
The Trade Minister further disclosed that the instrument of ratification will be set by the Attorney General of the Federation for President Muhammadu Buhari’s approval and passed on to the African Union.