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Home Business News Business

AfCFTA: Ratification demonstrates Nigeria’s economic leadership position in Africa – Trade Minister

William Ukpe by William Ukpe
November 12, 2020
in Business
MSME, world bank, FG seeking FDI to develop Special Economic Zones - Trade Minister, FG clamps down on filling stations, others for faulty measuring and weighing equipment, AfCFTA: Nigeria securing approval to ratify agreement- Trade Minister, FG meets group to access AfCFTA's $650 billion market, UNIDO’s $60m investment programme to boost Nigeria’s industrialisation - FG, FG to strengthen economic ties with Turkey, FG moves to facilitate tax incentives for SMEs, Made-in-Nigeria vehicles gulp N364 billion from FG
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The Minister of Industry, Trade and Investment announced that the FEC’s ratification of the African Continental Free Trade Area (AfCFTA) is a sign of Nigeria’s economic leadership position on the African continent.

This Minister disclosed this in a statement on Wednesday after reports of the Federal Executive Council’s ratification of the agreement. Member nations were given a December 5 deadline to ratify the agreement.

READ: AFCFTA is a powerful tool for Africa’s economic integration – ECA

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Governor Sanwo-Olu highlights benefits of the implementation of the AfCFTA

FG says Public Private Partnership required for AfCFTA to work in Nigeria

The Minister stated on Wednesday that Nigeria joins other African economies in the ratification, which will ensure Nigeria’s place as a trade party in the AfCFTA area and also demonstrates Nigeria’s leadership position as an economic powerhouse in Africa.

“With the approval of the agreement, Nigeria joins other African nations who have already ratified the agreement to become a State Party to the agreement.

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READ: Afreximbank urges Nigeria to sign AfCFTA amidst rising concern among local manufacturers

“With this ratification, Nigeria is on course to participate in trading under the AfCFTA region.

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“This is a huge step forward for the nation, and further demonstrates to the world of Nigeria’s economic leadership position on the African continent,” he said.

The Minister added that the instrument of ratification will be set by the Attorney General of the Federation for President Muhammadu Buhari’s approval and passed on to the African Union.

READ: AfCFTA: Nigeria not ready for restrictive Rule of Origin

Breaking News: The FEC just approved the AFCFTA ratification. #AfCFTA creates a single continental market for goods and services, free movement of business persons and investments, expands intra-African trade & aims to enhance competitiveness for our industries and #MSMEs pic.twitter.com/VbEDo3yI6c

— Otunba Niyi Adebayo (@NiyiAdebayo_) November 11, 2020

What you should know: Nairametrics reported in September that the 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.

The Minister also disclosed in September 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).

READ: AfCFTA: Improving guidance on standards can make Nigeria a beneficiary – Trade Minister

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Tags: AfCFTAAfrican Continental Free Trade AreaNigeria News

Comments 2

  1. Babangida Adamu says:
    June 1, 2021 at 12:01 am

    Ai babangida adamu the business man in Toro local govt Bauchi state

    Reply
  2. Babangida adamu says:
    June 1, 2021 at 12:06 am

    Babangida Adamu the business man in Toro local government

    Reply

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