Nigeria on Saturday deposited the country’s instrument of ratification of the African Continental Free Trade Area (AfCFTA) with the African Union.
This completes Nigeria’s commitment to the agreement, which is scheduled to take off January 2021.
AfCFTA aims to create a single continental market for goods and services with free movement of people and investments, thus expanding intra-African trade across the continent, enhance competitiveness and support economic transformation across the continent.
AfCFTA is the continent’s most ambitious integration initiative, embedded in AU’s Agenda 2063, which is Africa’s blueprint and master plan for transforming the continent into the global powerhouse of the future.
The deposit of the country’s commitment to the agreement, according to the Ministry of Foreign Affairs, was made by Ambassador Richards Adejola, Nigeria’s representatives to AU.
“Ambassador Richards Adejola deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the AU’s legal depository on behalf of the Government of Nigeria, today 5 December, 2020,” the ministry said.
“The Instrument was deposited for the advancement of intra-Africa Trade and to deepen integration on our beautiful continent. The African Union Commission Chairperson was ably represented by H.E. Albert Muchanga, AU Commissioner for Trade and Industry.”
