Nigeria has said it will sign the Africa Free Trade Agreement during the 12th African Union summit, according to a statement posted on the Nigeria presidency’s Twitter feed on Tuesday.
President Mohammadu Buhari said trade is important for the country and to all nations. “Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis.”
Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger.
Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019.
— Presidency Nigeria (@NGRPresident) July 2, 2019
According to the statements, Nigeria resolved to sign the AfCFTA Agreement after extensive domestic consultations and is focused on taking advantage of ongoing negotiations to secure the necessary safeguards against smuggling, dumping and other risks/threats.
The AfCFTA officially comes into effect during the AU Heads of State and Government summit from 7th -8th July which will be held in Niamey, Niger.
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The African Continental Free Trade Agreement is a trade agreement between 55 African Union member states, with the goal of creating a single market followed by free movement and a single-currency union. The AfCFTA was signed in Kigali, Rwanda, on 21 March 2018.
According to the AU, will cover a market of 1.2 billion people and a gross domestic product (GDP) of $2.5 trillion.
The agreement with the other signatories came into force on May 30.