Nigeria has joined other African countries in signing the African Continental Free Trade agreement (AfCFTA).
The agreement which has now been signed by 54 of 55 countries is expected to be officially launched later today in what the AU commission Chairman Moussa Faki has said would be a “historic” moment.
Below are three facts to note about the agreement.
1. The agreement was brokered by the African Union (AU) and as of April 2019, 22 countries had ratified the agreement – the exact number of states needed to allow the African Continental Free Trade Area (AfCFTA), come into effect.
2. As of March 21, 2018, 44 of its 55 member states had signed the agreement in Kigali, Rwanda.
3. It has a goal of creating a single market – the African Continental Free Trade Area, followed by free movement and a single-currency union.
4. The free-trade area is the largest in the world in terms of participating countries since the formation of the World Trade Organization.
5. Member states are required to remove tariffs from 90% of goods, allowing free access to commodities, goods, and services across the continent.
6. The United Nations Economic Commission for Africa estimates that the agreement will boost intra-African trade by 52 per cent by 2022.
7. Only Eritrea is yet to sign the agreement.