AfCFTA Current State of Affairs
The AfCFTA was established in 2018 with 54 participating African countries out of the 55 African countries, with Eritrea being the only country that did not sign the Agreement. The AfCFTA is a trade agreement that creates a single continental market for goods and services, free movement of business persons, investments and expands intra African trade. On January 1 2021 trade officially commenced, with the African Free Trade Area having a combined Gross Domestic Product (valued at US 3 4 million and the largest in the world in terms of the number of participating countries.
Following the emergence of the COVID 19 pandemic, which has adversely affected the current socio economic situation globally, there is no gainsaying that the AfCFTA is one of the best things that has happened to the African region, specifically Nigeria. The reason is that the implementation of the AfCFTA would undoubtedly help stabilize our economy, promote international trade, increase employments, investments and provide an overall positive macroeconomic outlook for Nigeria if adequately checked.
Through its relevant stakeholders, the Nigerian government has been working to provide necessary guidelines to be adopted when trading under the AfCFTA According to the Nigerian Office for Trade Negotiations (NOTN), measures are in place to domesticate the Agreement as required by the Nigerian constitution to validate any trade under the Agreement.