Nigeria Finally Signs AFCTA Agreement

Culled—Proshare

July 7, 2019

Ottoabasi Abasiekong for Proshare WebTV

President Muhammadu Buhari today on the sidelines of the 12th extraordinary session  African Union Heads of State and Governments Meeting in Niamey, Niger signed the African Continental Free Trade Agreement, on behalf of Nigeria. 

Recall that this had been an issue of major concern to the continent when Nigeria did not sign the initial treaty at the AU summit in Kigali, Rwanda. 

The National Office of Trade Negotiations, NOTN headed by Ambassador Chiedu Osakwe worked with relevant stakeholders to align the AFCTA agreement with Nigeria’s interests. 

With the signing of the AFCTA, Nigeria as the largest economy in the continent has given credence to the value of the Treaty to driving Trade and development in the region. 

According to the President of the African Export Import Bank, AFREXIM Professor Benedict Oramah signing the AFCTA gives Nigeria Access to enlarged Foreign Direct Investment flows. 

At the 2019 Annual Summit In  Russia, the President of the AFREXIM Bank Professor Benedict Oramah stated that “The AFCTA represents the most consequential move that can place the continent on the path to economic prosperity as it will create an integrated market of 1.2billion people and $2.5trillion in GDP”. 

The Manufacturers Association of Nigeria, MAN  and the Lagos Chamber of Commerce & Industry, LCCI have reiterated the need for the Federal Government to protect the interest of Nigeria in the agreement. 

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