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