Nigeria deposits AfCFTA ratified instrument with AU

All seems to be set for the commencement of the African Continental Free Trade Area (AfCFTA) scheduled to take off January 2021.

Nigeria on Saturday deposited the instrument of Ratification of the agreement.

The AfCFTA according to the African Union is the African continent’s most ambitious integration initiative, embedded in the Agenda 2063 of the African Union.

The main objective of AfCFTA  is to create a single continental market for goods and services with free movement of people and investments, thus expanding intra-African trade across the continent, enhancing competitiveness and supporting economic transformation in Africa.

The deposit of the country’s commitment to the agreement, the ministry of Foreign Affairs announced 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.”