SAN FRANCISCO, December 06, (THEWILL) – Nigeria Saturday deposited the instrument of ratification of the agreement for the African Continental Free Trade Area (AfCFTA) at the African Union (AU), the Nigerian foreign ministry statement said in a statement Sunday.
The country made the deposit of the instrument of ratification of the agreement on Saturday, ahead of the commencement of the intra-Africa trade scheduled to take off in January.
The trade agreement aims to create a single continental market for goods and services, with free movement of business persons and investments within the African region.
A Nigerian representative to the AU, Richards Adejola did the presentation of the instrument of ratification on behalf of the country.
“The instrument was deposited for the advancement of intra-Africa trade and to deepen integration on our beautiful continent,” the statement said.
The Nigerian government ratified its membership of the AfCFTA on November 11, beating the Dec. 5 deadline set for all countries to make valid their membership of the intra-Africa trade deal.
On July 7, 2019, Nigeria signed the AfCFTA agreement in Niamey during the 12th extraordinary session of the Assembly of the African Union. The operational phase of the AfCFTA was launched on the same day.
The effective date for the agreement to come into force ought to have been July 2020. However, it has been postponed to Jan. 1, 2021, as a result of the COVID-19 pandemic.
