African Free Trade Agreement Nigeria

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In August, just three months after the signing of the AfCFTA, Nigeria banned the transport of all goods from countries with which it shares a land border: Benin, Niger and Cameroon, effectively prohibiting all trade – import and export – with its neighbours. Nigerian government officials stressed the priority of reducing smuggling of products such as rice, tomatoes and poultry to strengthen Nigeria`s agricultural sector. The closure of the border has had an impact on Nigerian consumers and exporters, as traders have been denied imports of goods, even those for which they have already paid tariffs, and consumers facing excessive prices for imported foodstuffs – some products have doubled in price. At the summit, Benin and Nigeria signed the agreement, so Eritrea is the only African state not to be part of the agreement; Since then, Eritrea has applied to join the agreement. Gabon and Equatorial Guinea also tabled their ratifications at the summit. At the time of launch, there were 27 states that had ratified the agreement. [45] [47] [49] The federal government announced that it had ratified Nigeria`s accession to the Continental Free Trade Area (AfCFTA) by the December 5, 2020 deadline. The agreement will enter into force on January 1, 2021. You also get rid of quotas, so there is no limit to the amount of trade you can trade. Eritrea was not part of the original agreement because of the continuing state of war, but the 2018 peace agreement between Ethiopia and Eritrea ended the conflict and ended the barrier to Erreer`s participation in the free trade agreement.

[10] [30] [45] [46] [47] The unrecognized state of Somaliland was not involved in discussions on the creation of the agreement. Trudi Hartzenberg, executive director of the Trade Law Centre, a South African-based think tank, told Africa Renewal that while the free trade area could significantly improve competitiveness and promote intra-African trade, it also requires «strong technical leadership and capacity to help member states in future negotiations…. We are also witnessing strong protective currents in the global economy. The 12th African Union extraordinary meeting on AfCFTA was convened to bring the new agreement into its operational phase, which was held in Niamey on 7 July 2019. [40] [41] The world`s largest free trade area since the World Trade Organization has come closer to reality. The SAfCFTA secretariat is responsible for coordinating the implementation of the agreement and is an autonomous body within the AU system.

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