AfCFTA: Nigeria submits Instruments of Ratification, becoming the 34th State Party

Nigeria became the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).

This was disclosed in a statement by the Ministry of Foreign Affairs on Saturday.

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On behalf of @NigeriaGov, Amb. Richard Adejola, Head of the Nigerian Mission to @_AfricanUnion deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the African Union legal depository, today, 5th December, 2020. pic.twitter.com/zJwUPj0DA8
— Ministry of Foreign Affairs, Nigeria 🇳🇬 (@NigeriaMFA) December 5, 2020

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The African Continental Free Trade Area (AfCFTA) is expected to open up Nigerian businesses to a market of over 1.2 billion people and a GDP of $2.5 trillion.

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The Ministry of Foreign Affairs said in a statement that, “Amb. Richard Adejola, Head of the Nigerian Mission to the African Union, deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the African Union legal depository, today, 5th December, 2020.”

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The instrument of ratification was received by Amb. Albert Muchanga, AU Commissioner for Trade and Industry, representing the AUC Chairperson.

Amb. Muchanga while commenting on Nigeria’s submission of its instrument of ratification said: “Another great day for the AfCFTA with Nigeria becoming the 34th AfricanCFTA State Party! Very pleased to have received the instrument of ratification today from H.E. Richards Adejola, Head of Mission and Permanent Representative of Nigeria to the African Union”

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What you should know

Nairametrics reported last month that The Federal Government 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.