President Muhammadu Buhari has signed the African Continental Free Trade Agreement (AfCFTA).
According to reports, President Buhari signed the agreement in Niger Republic today at the African Union (AU) summit.
President Buhari had delayed signing the agreement saying more consultations were necessary before Nigeria can append its signature to it. He outlined his own vision of what African free trade should be, stating that the Intra-African trade should be for the “free movement of made in Africa goods. That is, goods and services made locally with dominant African content in terms of raw materials and value addition.”
A committee was then set up to assess the impact of the free trade agreement and Nigeria’s readiness to join. They submitted their report on June 27 and indicated that President Buhari would soon sign the agreement.
The AfCFTA has the goal of creating a single market followed by free movement and a single-currency union.