By Francis Ogwo
Nigeria has ratified its membership of the African Continental Free Trade Area (AfCFTA), ahead of the December 5, 2020 deadline with the agreement to be effective from the 1st of January 2021.
This was announced by the Nigerian Government after the Federal Executive Council (FEC) meeting on Wednesday.
Recall that in September that the Minister of Trade, Niyi Adebayo, had disclosed that Nigeria was in the process of securing approval to ratify the African Continental Free Trade Area (AfCFTA) agreement.
“As we gear up to meet the demands of the enlarged continental market which will be fostered by AfCFTA, we are actively working to attract more foreign direct investments into key industries,” the Minister said in September.
Also ,Yewande Sadiku who is the CEO of Nigerian Investment Promotion Council (NIPC), had in September said that Nigeria was more ready for the African Continental Free Trade Area (AfCFTA) owing to her domestic market manufacturing value addition capacity which is seven times the average of the top 20 economies in Africa and other.
According to Secretary, National Action Committee on AfCFTA, Mr. Francis Anatogu, the agreement would reduce the degradation of the naira, which has suffered nearly 90% devaluation since 2016, through exports of Nigerian-made goods and services, and give exposure of the naira to other currencies.
The FG announced on Wednesday that Attorney General of the Federation would prepare the agreement for assent to the President as the FEC agreed to ratify it.
“With today’s FEC approval, the Attorney General of the Federation and Minister of Justice will now prepare the AfCFTA Instrument of Ratification for assent by President Buhari and onward transmission to the African union,” the Presidency said.
For over a year, Nigeria had been closed against neighbouring West African countries of Ghana, Togo and Benin which had generated widespread outrage owing to the AfCFTA agreement which allows for free trade and movement among member countries.
