Membership of AfCTA -The Federal Government on Wednesday ratified Nigeria’ s membership in the African Continental Free Trade Area .
The decision was taken at the weekly meeting of the Federal Executive Council presided over by the President , Major General Muhammadu Buhari ( retd . ) .
The Minister of Information and Culture, Alhaji Lai Mohammed , disclosed this to State House correspondents at the end of the meeting at the Presidential Villa , Abuja.membership of AfCTA
AfCTA was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations .
The main objectives of the AfCFTA are to create a single continental market for goods and services , with free movement of business persons and investments , and thus pave the way for accelerating the establishment of the Customs Union .
Mohammed said with the ratification, Nigeria has beaten the December 5 , 2020 , deadline set for all countries to ratify their membership .
The minister said , “ The Minister of Industry , Trade, and Investment presented a memo today ( Wednesday ) asking the Federal Executive Council to ratify Nigeria’ s membership of the African Continental Free Trade Area.“ You remember that on July 7 , 2019 ,membership of AfCTA agreement in Niamey during the 12 th Extraordinary Session of the Assembly of the African Union .
“ The effective date ought to have been July 2020 . But as a result of the pandemic , it was postponed to January 1 , 2021 , and all member – states were given up to December 5 to ratify the agreement .
“ That is precisely what Nigeria did today . The Federal Executive Council approved the ratification of the membership of the African Continental Free Trade Area . It was ratified and as such, we beat the deadline of December 5 . Effectively, we hope that by January 1 , 2021 , the agreement will come into force . ”
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