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
-
Mahama announces plans to upgrade Greater Accra Regional Hospital to Teaching Hospital
2 minutes -
GHS takes measures to check Mpox outbreak
53 minutes -
Five dead after tornado tears through St Louis
57 minutes -
Real Madrid confirm Dean Huijsen signing from Bournemouth
1 hour -
Delegates walk out of FIFA congress after Infantino arrives late from Trump trip
2 hours -
Mahama must seek legislative backing for Code of Conduct – Ahiagbah
2 hours -
John-Paul Adjadeh: The visionary behind Ghana’s Premier alumni games
2 hours -
Israel launches major offensive to ‘seize and control’ areas of Gaza
2 hours -
32 youth receive business starter packs from Ghana Grows
2 hours -
NSA Boss visits reptile-breeding Azumah Nelson Youth Centre
2 hours -
It is unfair to blame gov’t for power crisis – Prof Sharif Khalid
3 hours -
Unpredictable cedi appreciation could hurt businesses – Kenneth Thompson warns
3 hours -
Cedi appreciation: We must build reserves that allow long-term predictability – Prof Bopkin
3 hours -
Nine reported killed in Russian strike on civilian bus in Ukraine
3 hours -
Inaction is the main cause of challenge in power sector – Ing. Amissah-Arthur
3 hours