Audio By Carbonatix
The continent’s biggest economy, Nigeria announced on Wednesday that it would sign the Africa free trade agreement at the coming African Union summit.
Nigeria was one of the last countries that had not committed to signing the deal and its decision to join the bloc will significantly bolster its clout.
The African Continental Free Trade Agreement (AfCFTA) aims to eliminate tariffs between member states, creating a market of 1.2 billion people with a combined GDP of more than $2.2 trillion.
Nigeria was one of the last countries that had not committed to signing the deal and its decision to join the bloc will significantly bolster its clout.
The African Continental Free Trade Agreement (AfCFTA) aims to eliminate tariffs between member states, creating a market of 1.2 billion people with a combined GDP of more than $2.2 trillion.
Apart from Nigeria, only Eritrea and Benin have chosen not to join the zone. President Muhammadu Buhari had expressed concern it could allow neighbouring countries to inundate Nigeria with low-priced goods, and confound efforts to encourage moribund local manufacturing and expand farming.
But a panel set up to assess the impact of joining the bloc recommended last week the president “should consider joining.”
“Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis,” the Twitter feed quoted Buhari as saying.
It added Nigeria would sign onto the deal at an upcoming African Union summit in Niamey, Niger. The agreement with the other signatories came into force on May 30.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Mobile tech to add $290bn to Africa’s economy by 2030, GSMA says
2 hours -
South Africa’s Ramaphosa warns against scapegoating migrants for economic woes
2 hours -
Oil prices fall 5% to 3-month low on hopes Strait of Hormuz will open
2 hours -
Prince George to attend Eton College from September
2 hours -
Cadbury chocolate-owner Mondelez defends staying in Russia
3 hours -
‘We fear for our lives’ – deadline for migrants to leave South Africa looms
3 hours -
Hungary’s MPs block return of Orbán, limiting rule of PM to eight years
3 hours -
Hundreds of cats stolen for food in Vietnam rescued by police, welfare group says
3 hours -
Brazil convicts Jair Bolsonaro’s son of pursuing US help in father’s legal battle
3 hours -
Musk’s SpaceX overtakes Amazon to become world’s fifth most valuable firm
3 hours -
2026 World Cup: What would Ghana lose without Thomas Partey against Panama?
3 hours -
German broadcaster removes TV intro after Elon Musk takes legal action
4 hours -
Haaland scored twice on World Cup debut as Norway beat Iraq
4 hours -
Spurs agree £52m Van Hecke deal with Brighton
4 hours -
World Cup: The VAR call that dumbfounded the world’s best referees
4 hours