Nigeria To Sign Africa Free Trade Agreement

Nigeria has confirmed that it intends to sign the African Continental Free Trade Agreement (AfCFTA). The announcement is signification given that the country is the largest economy and most populous nation on the continent but one of the last to sign up.

The AfCFTA will see the creation of a market of 1.2 billion people and a combined GDP of over $2.2 trillion. The agreement between existing signatories came into force in May.

President Buhari had previously expressed concern that the agreement could result in a heavy flow of low-priced goods into the country that would stifle the local economy. However, a panel evaluating the likely impact last week recommended that Nigeria should consider joining the bloc.

Nigeria is expected to officially become a signatory at the upcoming African Union summit in Niamey, Niger. Eritrea and Benin are still yet to sign up.

Africa currently has some of the lowest intra-continental trade rates globally.