Nigeria signs African Continental Free Trade Area Agreement

  • Post Category:Business

One of the objectives of the African Continental Free Trade Area (AfCFTA) is to increase Africa’s trade in the international marketplace. Through a mutual agreement among member countries, Africa can create sound policies for trade negotiations with other continents. AfCFTA took effect on 30 May 2019.

The Federal Government of Nigeria (FGN) signed the agreement establishing the AfCFTA at the 12th Extraordinary Summit of the African Union on 7 July 2019. FGN will ensure a gradual removal of import duties and other non-tariff barriers on imports within the African continent. AfCFTA may emerge as one of the largest free trade unions given the current population of 1.2 billion people in Africa, which is estimated to rise to 2.5 billion by 2050.

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