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Nigeria confirmed on Sunday that the country’s instrument of ratification for the African Continental Free Trade Area (AfCFTA) has been deposited with the African Union (AU), the legal depository of all instruments of ratification.
The country deposited the instrument of ratification of the agreement on Saturday, ahead of the start of intra-African trade scheduled to take off next month, according to an official statement from the Nigerian Ministry of Foreign Affairs.
The trade agreement aims to create a single continental market for goods and services, with free movement of business and investment persons within the African region.
A Nigerian representative to the AU Richards Adejola presented the instrument of ratification on behalf of the country. “The instrument was deposited for the advancement of intra-African trade and to deepen integration in our beautiful continent,” the statement said.
The Nigerian government ratified its membership in the AfCFTA on November 11, surpassing the December 5 deadline set for all countries to validate their membership in the intra-African trade agreement.
On July 7, 2019, Nigeria signed the AfCFTA agreement in Niamey during the twelfth special session of the African Union Assembly. The operational phase of the AfCFTA started on the same day.
The effective date of the agreement should have been July 2020. However, it has been postponed until January 1, 2021, as a result of the COVID-19 pandemic.
