Minister of Trade, Niyi Adebayo said Nigeria is currently in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement soon.
The Minister disclosed this during a meeting with the Secretary-General of the African Continental Free Trade Area(AfCFTA), Mene Wamkele on Monday.
The Honourable Minister @NiyiAdebayo_ , welcomed the Secretary General of the African Continental Free Trade Area(AfCFTA) Secretariat, H.E @MeneWamkele, to the Ministry today.
During the meeting, the Honourable Minister informed him that Nigeria has established … pic.twitter.com/vSDnNqcfmE
— FMITI Nigeria (@TradeInvestNG) September 21, 2020
Recall that Nairametrics reported last week Mr. Adebayo said that Nigeria is actively working to attract more foreign direct investments into key industries to meet the demands of the African Continental Free Trade Area (AfCFTA).
“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said.
In today’s meeting, The Minister told the delegation that Nigeria has set up a National Action Committee on AfCFTA, which would implement Nigeria’s roll-out strategy in a bid to take advantage of the agreement. He added, “Nigeria is currently in the process of securing approval to ratify the agreement within the shortest possible time”.
The African Union announced in August that the first commercial deal of AfCFTA will be taking off on January 1, 2021.