Nigeria has deposited the Instrument of Ratification of the Agreement establishing the African Continental Free Trade Area (AfCFTA) with the African Union’s (AU) legal depository.
Ambassador Richards Adejola deposited the instrument on behalf of the Government of Nigeria, Saturday, December 5, 2020.
The Instrument was deposited for the advancement of intra-Africa Trade and to deepen integration on the continent.
The African Union Commission Chairperson was represented by AU Commissioner for Trade and Industry, Albert Muchanga.
The AfCFTA according to the African Uinon is the African continent’s most ambitious integration initiative, embedded in the Agenda 2063 of the African Union, whose main objective is 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, enhancing competitiveness and supporting economic transformation in Africa.
The AfCFTA is expected to increase intra-Africa trade from an existing level of about 13% to 25% or more through better harmonisation and coordination of trade liberalisation.
This will be driven forward by the complementary Single African Air Transport Market and the Protocol on Free Movement of Persons.