Nigeria to sign free trade zone agreement

Nigeria will sign the Africa Continental Free Trade Agreement (AfCTA) as soon as President Muhammadu Buhari approves an impact-assessment report he requested. ‘I think the President has a sense of urgency about this because when he asked us to conduct an impact assessment study, we were given just three months to finish everything and we have done so,’ said Trade & Industry Minister Okechukwu Enelamah. A report on the Fin24 site notes that Nigeria is one of 29 countries yet to sign the agreement seeking to boost intra-African trade, stimulate investment and innovation. The trade deal comes into effect on 30 May after 22 African countries ratified it. Legalbrief reports that AfCTA aims to create a single market followed by free movement and a single-currency union. The agreement will function as an umbrella to which protocols and annexes will be added. A draft will be submitted at the January 2020 AU Assembly.