Barely two months to the operationalisation of the African Continental Free Trade Area (AfCFTA), the Nigeria’s Federal Executive Council on Wednesday approved the instruments of ratification of the Agreement.
The Commerce Africa reports that ahead of the AfCFTA operationalisation scheduled for January, 2021, no fewer than thirty countries have deposited their instruments of ratification with the African Union Commission’s Chairperson.
Confirming the development to The Commerce Africa, the Secretary of the National Action Committee on AfCFTA, Mr Francis Anatogu, said “the Ratification marks another major milestone on Nigeria’s AfCFTA journey and paves the way for the acceleration of our readiness programmes.”
Highlighting Nigeria’s goal on AfCFTA, Anatogu said “with the Afcfta we seek to diversify Nigeria’s export base, create jobs for our teeming youth population, protect the wealth of local businesses by growing export trade and ultimately transforn Nigeria into a 21st century industrial economy.”
The AfCFTA would be the world’s largest free trade agreement, aiming to expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation, across the regional economic communities and the continent in general.