Following the Concluded Meeting on Payment System for AfCFTA, Nigeria Deposits Ratified Instrument with AU Ahead of January 2021.
Nigeria deposited AfCFTA ratified instrument for the commencement of the African Continental Free Trade Area (AfCFTA) scheduled for January 2021.
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This happened few days after the meeting held between 1st – 3rd december to discuss the AfCFTA Continental Payment System to power trade remittance across Africa.
Nigeria on Saturday 5, Dec 2020 deposited the instrument of ratification of the agreement proving it’s interest for the free trade pact.
According to the African Uinon, the AfCFTA is the African continent’s most ambitious initiative, included in the Agenda 2063 of the African Union.
What you should know: The main objective of AfCFTA is to create a single continental market for goods and services with free movement of people and investments. This is targeted at expanding intra-African trade across the continent, enhancing competitiveness and supporting economic transformation in the region.
The ministry of Foreign Affairs announced that the deposit of Nigeria’s commitment to the agreement was presented by Ambassador Richards Adejola, Nigeria representatives to AU.
The ministry stated, “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 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.”
Quick Facts: AfCFTA stands for African Continental Free Trade Area promoting Africa’s growth and economic development by championing citizen inclusion and increased cooperation and integration of African states.