The agreement that establishes the African Continental Free trade agreement was adopted by the member states of the African Union in March 2018 and the date of the last signatory was in October 2019
It is a flagship project of the African Union’s Agenda 2063, a blueprint for attaining inclusive and sustainable development across the continent over the next 50 years.
54 African countries merging into a single market of 1.3 billion people, this agreement creates the largest trade bloc in the world with regards to the number of countries with a combined GDP of $3.4 trillion. It is described as a vehicle for the economic transformation of Africa.
The AfCFTA with the objective to Accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.
As this agreement became officially operational on January 1st, 2021, Wilson Erumebor, a Senior Economist at the Nigerian Economic Summit Group is here with me and we will be chatting about what this means for Nigerian Businesses.