The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has assured that President Muhammadu Buhari will soon sign the African Continental Free Trade Agreement (AfCFTA) ratification instrument.
The Federal Executive Council (FEC) at its meeting on Wednesday approved the ratification of the AfCFTA.
With the approval of the agreement, Nigeria joins other African nations who have already ratified the agreement to become a State Party to the Agreement, which is expected to be the largest market in the world with the population of about 1.2 billion people.
The Minister, in a statement on Wednesday by his Special Assistant on Media, Ifedayo Sayo, said with the FEC approval, the Attorney General of the Federation and Minister of Justice is expected to prepare the instrument of ratification for Mr President’s assent for onward transmission to the African Union, the legal depository of all instruments of ratification.
The AfCFTA seeks to create a single market for goods and services and free movement of persons within Africa.
With this ratification, Nigeria is on course to participate in trading under the AfCFTA region. This is a huge step forward for the nation, and further demonstrates to the world, Nigeria’s economic leadership position on the African continent.”
This approval comes less than two months before the effective start date of the AfCFTA implementation scheduled to commence on January 1, 2021.