President Muhammadu Buhari has signed the African Continental Free Trade Area (AfCFTA) agreement. President Buhari assented to the AfCFTA in Niamey, the capital of Niger Republic. This places Nigeria as the 53rd state on the continent to append its signature to the document. Buhari signed the agreement around 10.48 am local time, as the first event at the opening of the 12th Extra-Ordinary Summit of the African Union on the launch of the Operational Phase of the AfCFTA.
The President had delayed in signing the agreement to give room for extensive consultations with stakeholders.
The AfCFTA is expected to be the world’s largest free trade area since the formation of the World Trade Organization with a potential market of 1.2 billion people and a Gross Domestic Product (GDP) of $2 5 trillion, across all 55 member states of the African Union.