President Muhammadu Buhari has finally agreed to sign the African Continental Free Trade Area (AfCFTA) agreement and treaty this weekend.
Naija News understands that the President announced his decision via the twitter handle @NGRpresident.
Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger.
Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019.
— Presidency Nigeria (@NGRPresident) July 2, 2019
It will be recalled that president Buhari had earlier in June received the recommendation of the presidential committee on impact and readiness assessment on AfCFTA. Buhari had said that Nigeria could not afford to rush into signing the agreement as it has both negative and positive effects on the economy.
Naija News reports that AfCFTA is a trade agreement between 49 African Union member states with the goal of creating a single market followed by free movement and a single-currency union
Nigeria’s agreement to the deal comes three days after members of the Economic Community of West African States (ECOWAS) agreed to launch ECO, proposed single currency in the region.
The heads of the 15-member countries reached this decision at the 55th ordinary session of ECOWAS in Abuja.