Nigeria is set to ratify the agreement establishing the African Continental Free Trade Area, AfCFTA, the presidency has announced.
The presidency via its Twitter handle hinted that President Muhammadu Buhari wiil endorse the continental agreement at the 12th Extraordinary Summit of the African Union scheduled slated for July 4 to 8 in Niamey, Niger Republic.
His resolve to sign the treaty followed “extensive domestic consultations”. Recall that last month the presidential committee on impact and readiness assessment on AfCFTA submitted its report to the president.
Buhari had said that Nigeria could not afford to rush into signing the agreement as it has both negative and positive effects on the economy.
AfCFTA is a trade agreement between 49 African Union member states with the goal of creating a single market followed by free movement and a single-currency union.
It was signed in Kigali, Rwanda, on March 21, 2018. Ratification by 22 countries is required for the agreement to enter into force and the African Continental Free Trade Area to become effective.
Nigeria’s agreement to the deal comes three days after members of the Economic Community of West African States, ECOWAS, proposed a single currency in the region.
Heads of the 15-member countries reached a decision to launch the ECO at the 55th Ordinary Session of ECOWAS in Abuja.