Following Nigeria’s long-awaited signatory to the African Continental Free Trade Area (AfCFTA) due to its prudence in ensuring that the deal will be in the safe interest of the nation, among other reservations, Africa’s giant has decided to implement ground rules to ensure the continued economic standing of the federation.
The presidency has announced that he will set up a committee comprising of representatives from both the public and private sectors to till the ground for the trade agreement. Though the deal has been inked, certain changes need to be implemented to equip the Federation some of which include fortifying the local capacity to cater for the export and import of goods and services and more, all of which will rightly position Nigeria for the continental market.
According to the presidency:
“Overall, the implementation of the AfCFTA is going to be a long journey, Nigeria is committed to ensuring that Africa achieves a free and fair trade environment through increased Intra African trade”.
The AfTCFTA was launched on the 7th of July after acquiring 52 of the 55 states of the continent on board, with only 25 signatories already rarified.
The trade area is projected to be another stepping stone to the continent’s unification as it brings the whole of Africa to trade. The initiative stands to create a bloc worth $3.4 trillion if successfully implemented.
The implementation of the Intra African trade initiative will be in phases. The first phase will constitute setting rules of conduct (agreement) to guide trade in goods and services and also debate on settlement rules. The second phase, which will commence next year will cover investment and intellectual property rights, investments, and competition.