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Nigeria to Consult Before Deciding on African Free-Trade Area Agreement

Posted March 27, 2018

Under Economic Issues, International Trade Issues

(Alexis Akwagyiram – Reuters)

Nigeria decided not join the African Continental Free Trade Area (AfCTFA) last week because it needs to carry out more consultations at home first, the government said on Tuesday.

Other leaders agreed to form a zone encompassing 1.2-billion people, but 11 countries, including Nigeria SA, did not sign up. The omissions were a blow to African Union (AU) plans to cut back red tape and other barriers that have strangled trade between African countries — which accounts for just 15% of total commerce on the continent.

“Minister of Foreign Affairs: The decision for President @MBuhari to not attend the #AfCFTA signing ceremony was taken because we realised more inclusive (domestic) consultations needed to take place before Nigeria signs,” read a message on the presidency’s Twitter feed. Click here to read more.