The Ministry of Foreign Affairs has announced that the African Continental Free Trade Area Agreement ratification instrument has been presented before the African Union ahead of the operation of the agreement in 2021.
According to the Ministry of Foreign Affairs the instrument was deposited on behalf of the Federal Government by the Nigerian representative to the African Union, Amb. Richards Adejola.
The African Continental Free Trade Area Agreement has been described as the continent’s most ambitious integration initiative included in the 2063 Agenda of the African Union.
The Minister of Foreign Affairs, Geoffrey Onyeama, stated, that the Nigerian representative to the African Union, Amb. Richards Adejola has submitted the Instrument of Ratification of the Agreement which birthed the African Continental Free Trade to the African Union’ legal depository on behalf of the Federal Government of Nigeria, today.
The Ministry of Foreign Affairs noted that the objective of the African Continental Free Trade Area Agreement is to establish an international single market for goods and services where people can move without obstruction and investments can flow rapidly.
This according to the Ministry is with the aim of expanding intra-African trade all over the African continent, and foster economic transformation in Africa.