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Nigeria to sign African Free Trade pact

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THERE are indications that Nigeria will sign the African Continental Free Trade Area (AfCFTA) agreement.

A release posted on Twitter handle of the Presidency yesterday disclosed that Nigeria will sign the agreement at the joint session of African Union (AU) summit scheduled to kick off today in Niamey, Niger.

Explaining that the summit will end on July 7, the statement added that federal government adopted the policy after extensive domestic consultations.

According to the release, President Muhammadu Buhari is taking the position to support free trade as long as it is fair and conducted on an equitable basis that will improve intra-Africa easy movement of made-in-Africa goods and services.

“Let me state unequivocally that trade is important for us as a nation and all nations. Economic progress is what makes the world go round. Nigeria is signing 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 post said.

Experts say that AfCFTA will create a market of 1.2 billion people with a combined Gross Domestic Product (GDP) of more than 2.2 trillion dollars by eliminating tariffs among member states.

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