SAN FRANCISCO, July 03, (THEWILL) – The Federal Government has revealed that President Muhammadu Buhari will sign the landmark African Continental Free Trade Agreement (AfCFTA) at the upcoming Extraordinary Summit of the African Union in the Nigerien capital city, Niamey.
The extraordinary summit is expected to hold on July 7, according to information African Union’s website.
“Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger,” the presidency said in a Tweet late Tuesday.
THEWILL recalls that Nigeria had been a key backer of the plan to progressively reduce trade barriers on the continent since talks on the African Continental Free Trade Area got underway in 2002.
It abruptly changed course shortly before the deal was signed last year following pressure from local unions and businesses fearful that they would be uncompetitive if trade barriers are dropped.
However, it acquiesced to sign the agreement after a panel set up by President Buhari gave AfCFTA a positive nod.
“Our reports show that, on balance, Nigeria should consider joining the AfCFTA”, the panel’s chair, Desmond Guobadia, said in a statement to the president Thursday.
AfCFTA formally came into force at the end of May, after the required minimum of 22 countries ratified the ambitious plan to boost intra-African trade, which has long suffered by high tariffs.
Nigeria is one of only three of the AU’s 55 member states to not have signed up to AfCFTA, with other African economic heavyweights such as Egypt, Ethiopia, Kenya, and South Africa having ratified the pact.
Two other countries, Eritrea and Nigeria’s neighbour, the Republic of Benin, are yet to sign the agreement.
