Pres Buhari has signed the Agreement Establishing the African Continental Free Trade Area at the opening of the 12th Extraordinary Session of the Assembly of African Union Heads of State and Government on #AfCFTA in Niamey, Niger Republic. .
The President had delayed in signing the agreement to give room for extensive consultations with stakeholders. The Presidential Committee on Assessment Impact and Readiness had submitted its report last week.
The committee noted advised that Nigeria would benefit economically from the agreement, but noted that some negative impacts included massive smuggling that could turn Nigeria into a dumping ground for goods produced outside of Africa.
24 countries have already ratified the AfCFTA which is expected to be the world’s largest free trade area since the formation of the World Trade Organization with a potential market of 1.2 billion people and a Gross Domestic Product (GDP) of $2 5 trillion, across all 55 member states of the African Union.