The Federal Government has presented the African Continental Free Trade Area Agreement ratification instrument to the African Union in preparation for the take-off of the agreement in January 2021.
The Ministry of Foreign Affairs disclosed that the instrument was deposited on behalf of the FG by the Nigerian representative to the AU, Amb. Richards Adejola, on Saturday.
Described as the continent’s most ambitious integration initiative embedded in the Agenda 2063 of the African Union, the objective of the AfCFTA is to create a single continental market for goods and services with free movement of people and investments, thus expanding intra-African trade across the continent, enhancing competitiveness and supporting economic transformation in Africa.
In a statement, the MFA stated, “Amb. Richards Adejola deposited the Instrument of Ratification of the Agreement Establishing the AfCFTA with the AU’s legal depository on behalf of the Government of Nigeria, today 5 December, 2020.
“The Instrument was deposited for the advancement of intra-Africa trade and to deepen integration on our beautiful continent. The African Union Commission Chairperson was ably represented by H.E. Albert Muchanga, AU Commissioner for Trade and Industry.”