Nigeria to sign agreement establishing the African Continental Free Trade Area

The Federal Government of Nigeria (FGN) has indicated its intent to sign the agreement establishing the African Continental Free Trade Area (AfCFTA) at the 12th Extraordinary Summit of the African Union (“the Summit”), slated for 7 July 2019 in Niamey, Niger. This decision follows FGN’s review of the Impact and Readiness Assessment Report, submitted by the Presidential Committee set-up to review Nigeria’s readiness for AfCFTA.

AfCFTA came into force on 30 May 2019, but has not entered its operational phase due to ongoing negotiations on key provisions of the agreement. These provisions include the Rules of Origin; Schedule of Tariff Concessions; Payment and Settlements; Non-Tariff Barriers; and Trade Information, amongst others. Negotiations are now at an advanced stage and there is optimism that they would be concluded in time for presentation and adoption at the Summit.

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