The Federal Government has announced that it has ratified Nigeria’s membership to the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The agreement goes into effect from the 1st of January 2021.
This was disclosed by the Nigerian Government after the Federal Executive Council (FEC) meeting on Wednesday.
What you should know
Nairametrics reported in September that the Minister of Trade, Niyi Adebayo, said that Nigeria was in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement.
“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 September.
Yewande Sadiku, CEO of Nigerian Investment Promotion Council (NIPC), said in September that Nigeria was more ready for the African Continental Free Trade Area (AfCFTA) due to her domestic market manufacturing value addition capacity which is 7 times the average of the top 20 economies in Africa and other.
Mr. Francis Anatogu, Secretary, National Action Committee on AfCFTA, stated that the agreement would reduce the erosion of the naira, which has suffered nearly 90% devaluation since 2016, through exports of Nigerian-made goods and services, and give exposure of the naira to other currencies.
The FG announced on Wednesday that Attorney General of the Federation would prepare the agreement for assent to the President as the FEC agreed to ratify it.
“With today’s FEC approval, the Attorney General of the Federation and Minister of Justice will now prepare the AfCFTA Instrument of Ratification for assent by President Buhari and onward transmission to the African union,” the Presidency said.
The Federal Executive Council (FEC) today Ratified Nigeria’s membership of the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline. The AfCFTA Agreement comes into effect on the 1st of January 2021.
— Government of Nigeria (@NigeriaGov) November 11, 2020