President Muhammadu Buhari will
sign the agreement establishing the African Continental Free Trade Area
(AfCFTA) this weekend.
The presidency announced this via
Twitter on Wednesday.
According to the tweet, Buhari
will sign the agreement at the 12th Extraordinary Summit of the African Union
scheduled to hold from July 4 to July 8 in Niamey, Niger Republic.
Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger.— Presidency Nigeria (@NGRPresident) July 2, 2019
Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019.
In June, the presidential
committee on impact and readiness assessment on AfCFTA had submitted its report
to the president, recommending that Nigeria sign the treaty.
Buhari had said that Nigeria
could not afford to rush into signing the agreement as it has both negative and
positive effects on the economy..
AfCFTA is a trade agreement
between 49 African Union member states with the goal of creating a single
market followed by free movement and a single-currency union.
It was signed in Kigali, Rwanda,
on 21 March 2018. Ratification by 22 countries is required for the agreement to
enter into force and the African Continental Free Trade Area to become
effective.
Nigeria’s agreement to the deal
comes three days after members of the Economic Community of West African States
(ECOWAS) agreed to launch ECO, proposed single currency in the region.
The heads of the 15-member
countries reached this decision at the 55th ordinary session of ECOWAS in
Abuja.
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