BREAKING: Nigeria in Africa’s free trade area as Buhari signs AfCFTA agreement in Niamey

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6 years ago

African Leaders Delegation applauded President Muhammadu Buhari as he signed to ratify the Assembly of the Union on African Continental Free Trade Area (AfCFTA) treaty on behalf of the Federal Republic of Nigeria during the12 Extra ordinary session and the First Mid-Year Coordination Meeting of the African Union at the Palais des Congres, Niamey, Niger Republic. 07/07/2019

President Muhammadu Buhari on Sunday in Niamey, Niger Republic, signed the African Continental Free Trade Area (AfCFTA) agreement, making Nigeria the 53rd state on the continent to append its signature to the document.

The President signed the agreement at exactly 10.48 am local time, coming as the very first event at the opening of the 12th Extra Ordinary Summit of the African Union on launch of the Operational Phase of the AfCFTA.

Buhari had delayed in signing the agreement, which entered into force May 30, 2019 to give room for extensive consultations with stakeholders, culminating in the submission of the report by the Presidential Committee to Assess Impact and Readiness of Nigeria to join the free trade area.

The committee had recommended that Nigeria should sign the agreement which aims to boost intra-African trade.

Twenty-five countries have already ratified the AfCFTA which is expected to be the world’s largest free trade area since the formation of the World Trade Organization with a potential market of 1.2 billion people and a Gross Domestic Product (GDP) of $2.5 trillion, across all 55 member states of the African Union.

More to come