Nigeria – Domestication of the AfCFTA Agreement

 

The African Continental Free Trade Area Agreement (AfCFTA) is a multilateral trade agreement negotiated and agreed by member States of the African Union and facilitated by the African Union Commission. The main objective of the Agreement is to boost intra-African trade through the creation of a single continental market for goods and services and a single customs union to facilitate free movement of goods, funds and temporary entry of business visitors. 54 of the 55 African countries have signed the AfCFTA. Eritrea is yet to join the AfCFTA regime. 36 African countries have signed and ratified the Agreement. Trading under the AfCFTA commenced in January 2021 and several State parties have submitted their initial offers and requests.

 

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