Nigeria has finally indicated to be part of the African Continental Free Trade Area (AfCFTA), hence signed the agreement.
Nigeria president, Muhammad Buhari signed the agreement on Sunday at the 12th extraordinary session of the assembly of the union on AfCFTA and the first mid-year coordination meeting of the African Union (AU) and the regional economic communities (RECs) in Niamey, Niger Republic, making Nigeria the 53rd country on the continent to append its signature to the document.
The first step of the free trade area agreement is to cut tariffs for goods from countries within Africa but the timeframe to do this is yet to be announced.
The AU says that the African Continental Free Trade Area – called AfCFTA – will create the world’s largest free trade area. It also estimates that implementing AfCFTA will lead to around a 60% boost in intra-African trade by 2022.