Roundup: Nigeria says ratification of AfCFTA "demonstration of economic leadership"

0 Comment(s)Print E-mail Xinhua, November 12, 2020
Adjust font size:

by Olatunji Saliu

ABUJA, Nov. 12 (Xinhua) -- The Nigerian government has described the ratification of its membership of the African Continental Free Trade Area Agreement(AfCFTA) as a step forward for the country to prove its economic leadership in Africa.

"This is a huge step forward for the nation, and to further demonstrate to the world, Nigeria's economic leadership position on the African continent," said Adeniyi Adebayo, the minister of industry, trade, and investment, in a statement reaching Xinhua on Thursday.

The Nigerian government ratified its membership of the AfCFTA on Wednesday, beating the Dec. 5 deadline set for all countries to make valid their membership of the intra-Africa trade deal.

Nigerian President Muhammadu Buhari personally supervised the ratification process during the weekly Federal Executive Council meeting which he headed at the Presidential Villa.

The trade agreement aims to create a single continental market for goods and services, with free movement of business persons and investments within the African region.

Adebayo confirmed that the instrument of ratification is already being prepared by the government, through the Attorney-General of the Federation and Minister of Justice.

"The instrument of ratification would be prepared for President Buhari's assent for onward transmission to the African Union, the legal depository of all instruments of ratification," he explained.

On July 7, 2019, Nigeria signed the AfCFTA agreement in Niamey during the 12th extraordinary session of the Assembly of the African Union. The operational phase of the AfCFTA was launched on the same day.

The effective date for the agreement to come into force ought to have been July 2020, however, it was postponed to Jan. 1, 2021 as a result of the COVID-19 pandemic.

All member states were given up to Dec. 5 to ratify the agreement.

"Nigeria joins other African nations who have already ratified the agreement to become a State Party to the agreement... Nigeria is on course to participate in trading under the AfCFTA region," said Adebayo.

With this agreement, Africa is expected to be the largest market in the world with a population of over 1.2 billion.

In September, the Nigerian Investment Promotion Council (NIPC) said the country is more ready for the AfCFTA due to Nigeria's domestic market manufacturing value addition capacity which it claimed is seven times the average of the top 20 economies in Africa and other.

"Nigeria's large domestic market makes Nigeria an ideal gateway economy," said Yewande Sadiku, head of the NIPC.

Economists believe AfCFTA is an opportunity to plot, organize, strategize, and mobilize African economies for growth that has suffered a major blow due to the COVID-19 pandemic.

"Effectively, we hope that by Jan. 1, 2021, the agreement will come into force," Lai Mohammed, the minister for information and culture, told reporters in Abuja on Wednesday. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter