The Nigeria’s Federal Executive Council (FEC) has approved the ratification of the African Continental Free Trade Agreement (AfCFTA).
With the approval of the agreement, Nigeria joins other African nations that have already ratified the agreement to become a State Party to the Agreement, which is expected to be the largest market in the world with the population of about 1.2billion people.
Minister of Industry, Trade and Investment, Richard Adebayo who disclosed this in a statement signed by his Special Assistant on Media, Ifedayo Sayo and made available to Channel Network Afrique said with the FEC approval, the Attorney General of the Federation and Minister of Justice, Abubakar Malami is expected to prepare the instrument of ratification for President Muhammadu Buhari’s assent for onward transmission to the African Union, the legal depository of all instruments of ratification.
The AfCFTA seeks to create a single market for goods and services and free movement of persons within Africa.
The Minister said “With this ratification, Nigeria is on course to participate in trading under the AfCFTA region.
“This is a huge step forward for the nation, and further demonstrates to the world, Nigeria’s economic leadership position on the African continent, ” he added.
The approval by FEC came less than two months to the effective date of the commencement of the implementation scheduled on January 1st 2021.
