Nigeria Ratifies African Continental Free Trade Area Membership

Nigeria has ratified its membership of the African Continental Free Trade Area (AfCFTA), less than a month before the deadline for the process to be concluded.

The decision was taken during the Federal Executive Council (FEC) meeting held on Wednesday, and subsequently confirmed by the Federal Government via its verified handle on the microblogging site, Twitter.

Nigeria, Africa’s largest economy, becomes the latest country to ratify its membership of AfCFTA bringing the total of African Union member states to have ratified their membership so far to 30.

According to the African Union (AU), the AfCFTA will offer Africa an opportunity to reconfigure its supply chains; reduce reliance on others and speed up the establishment of regional value chains which will boost intra-Africa trade.

Its implementation will form a $3.4 trillion economic bloc with 1.3 billion people across the continent.

The first commercial deal under the AfCFTA is expected to take place on January 1, 2021 after the COVID-19-enforced delay in implementation.