African Continental Free Trade Agreement Nigeria

In March 2018, three separate agreements were signed at the 10th African Union extraordinary meeting on AfCFTA: the African Continental Free Trade Agreement, the Kigali Declaration; and the protocol on the free movement of people. The Protocol on the Free Movement of Persons aims to create a visa-free zone within AfCFTA countries and to support the creation of the African Union passport. [27] At the Kigali Summit on 21 March 2018, 44 countries signed the AfCFTA, 47 signed the Kigali Declaration and 30 signed the protocol on the free movement of persons. Although a success, there were two remarkable holdouts: Nigeria and South Africa, the two largest economies in Africa. [28] [29] [30] READ ALSO: Nigeria signs an agreement with the African Trade Insurance Agency Despite regional and international trade agreements, the closure of Nigeria`s border shows the remaining implementation gap between the texts of regional or international trade agreements and the actual measures taken by some African governments. It should be considered an early warning signal for AfCFTA. To prevent AfCFTA from entering the history books as a new set of failures, it is essential that African leaders signal that they are working towards their implementation and reconcile their words with concrete actions in order to effectively influence the outcomes of intra-regional trade and development. The FG announced on Wednesday that the Federation`s Attorney General would prepare the agreement to give the president`s approval, as the FEC had agreed to ratify it. Africa lags behind domestic trade compared to other parts of the world, with intracontinental trade accounting for only 15% of total trade, compared to 58% in Asia and more than 70% in Europe. The AU says the African Continental Free Trade Area, called AfCFTA, will create the world`s largest free trade area. By July 2019, 54 of the 55 African Union states had signed the agreement, with Eritrea the only country not to have signed it. Of these Member States, 27 have tabled their ratification instruments.

[43] [44] Nigeria is Africa`s largest economy and has long been a regional leader, so observers, while bogged down, wondered whether the African trading bloc would ever have taken place. In Kyari`s statement, it says in part: “To support these efforts, NNPC offers free redevelopment services at selected NNPC service stations to help interested motorists switch from PMS to car gas, particularly in areas where existing gas stations are located in the federal capital Abuja, Kaduna, Kano, Kogi, Kwara, Ogun, Ondo, Oyo, Lagos, Edo, Delta, Rivers and Bayelsa. GMD @NNPCgroup: “To support these efforts, NNPC is offering free reaming services at selected NNPC retail stations to help interested motorists switch from PMS to car gas… #NGEP #NigeriaGoGas #YearOfGas The African Union`s 12th Special Session on AfCFTA was convened to implement the new agreement held on 7 July 2019 in Nieyam. [40] [41] The continental body that heads the trade agreement, the African Union, said in a statement that the pending negotiations will be concluded by a new platform for virtual trade diplomacy in Africa, developed in a public-private partnership between the African Union Commission and more than 20 African multinationals.

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