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Nigeria has approved the ratification of the African Continental Free Trade Agreement (AfCFTA). This has been done by the Federal Executive Council (FEC) recently. Earlier, a National Action Committee on AfCFTA was set up to look into the ratification process. Now, the AfCFTA becomes valid for official purposes since due legislative process has undergone for the ratification.
Nigeria now joins other African nations who have already ratified the agreement to become a State Party to the agreement. AfCFTA, when fully operational, will be the largest market in the world with a population of about 1.2billion people. Now the document will go for the president’s assent. After obtaining the assent, the document will be transmitted to the African Union.
The AfCFTA is conceived as a single market for goods and services and free movement of persons within Africa. Initially, there were resistance from certain business quarters for Nigeria joining the free trade since the local industry perceived that there would be heavy influx of goods entering Nigeria from other African countries because of the relatively better economic status and large population in the West African country.
Among the 55 AU member states, 44 signed the consolidated text of the AfCFTA Agreement, 47 signed the Kigali Declaration and 30 signed the Protocol on Free Movement. Eritrea has yet to sign the consolidated text of the AfCFTA Agreement and the country has decided not to sign it. Nobody knows the exact reasons holding back the small country from signing the document. Many feel that this could be a ploy for the Horn of Africa n country to get international attention.
