Why Nigeria, Other Five Countries Did Not Sign The Free Trade Agreement

President Buhari at the AU Summit in Nouakchott, Mauritania (Photo File)

Nigeria, Among The Six Countries That Did Not Sign The African Continental Free Trade Area (AfCFTA) Agreement

Nigeria is one of the six Countries that did not sign the African Continental Free Trade Area (AfCFTA) agreement.

According to the AU chairperson who is also the Rwandan president, Paul Kagame, forty-nine out of the fifty-five members of the African Union signed the AfCFTA agreement,

Kagame made the announcement in Nouakchott during the closing ceremony of the 31st summit of the 55-member African Union.

South Africa, Sierra Leone, Namibia, Lesotho and Burundi signed the AfCFTA in Nouakchott.

Chad and Swaziland ratified the agreement, which brings the total number of ratification to six.

A minimum of 22 ratification are required to enable the AfCFTA to come into force, while 15 ratification for the protocol on free movement of persons, right of residence and right of establishment.

The AfCFTA will be the largest free trade area since the formation of the World Trade Organisation, according to the AU.

It could create an African market of over 1.2 billion people with a GDP of 2.5 trillion U.S. dollars, according to the pan-African bloc.

The AU said the deal was expected to improve the economic prosperity of the African nations removing barriers to trade, like tariffs and import quotas, allowing the free flow of goods and services between its members.

Countries that signed the AfCFTA Consolidated Text are Niger, Rwanda, Angola,

CAR., Chad, Comoros, Congo, Djibouti, The Gambia, Gabon, Ghana, Kenya, Mauritania, Mozambique, Cote’d’Ivoire, Seychelles, Algeria, Equatorial Guinea.

Others are Morocco, Swaziland, Benin, Burkina Faso, Cameroon, Cape Verde, DRC, Guinea, Liberia, Libya,

Madagascar, Malawi, Mali, Mauritius, South Sudan, Uganda, Egypt, Ethiopia, Sao Tome and Principle, Togo and Tunisia.

Naija News recalls that the Vice President, Yemi Osinbajo had clearly stated why Nigeria could not sign the AFCTA, saying it may affect the country’s local entrepreneurs.