Nigeria presidency has tweeted that Nigeria will sign the Africa free trade agreement at the coming African Union summit. Nigeria has been one among the last countries that had shied away from making any commitments to be part of the agreement. The Nigerian decision to join the bloc is a major breakthrough in the progress towards the creation of an African common market. AfCFTA aims to pave the way for a tariff-free market of 1.2 billion people among member states The presence of the largest economy in the deal will significantly bolster its clout. The agreement with the other signatories became effective from May 30..
Eritrea and Benin still have decided to stay out of the block. There were apprehensions in Nigeria that AfCFTA will lead to dumping of cheap goods from neighboring countries hitting local manufacturing and farming. But a panel of experts which studied the impact of joining the bloc recommended to the President to join the Block. President Buhari tweeted“Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis,.” Nigeria would sign the deal at an upcoming African Union summit in Niamey, Niger.
