The African Continental Free Trade Area: The dawn of a new era
After years of planning, campaigning and negotiating, the time has come for execution. Trading under the agreement establishing the African Continental Free Trade Area (“AfCFTA” or “the Agreement”) has officially commenced.
In what started years ago as a bold and, an unrealistic aspiration, the AfCFTA has morphed into a striking reality. Africa has created a working fifty-four member state1 free trade agreement, the largest since the creation of the one hundred and sixty-four member state World Trade Organisation.
Nigeria’s Recent Trade Restrictions: A good or bad move?
The Central Bank of Nigeria recently directed all Authorized Dealers to discontinue the process of opening a Form M1 for Nigerian purchasers, if payments for the purchases are routed through a buying company, buying agent or any other third party assigned to facilitate such purchase transactions.
Nigeria to sign agreement establishing the African Continental Free Trade Area
The Federal Government of Nigeria 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 slated for 7 July 2019.