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.
- 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.
