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Nigeria now close to signing African trade pact

The signing of the agreement establishing the African Continental Free Trade Area (AfCFTA) taking in Kigali on March 21, 2018.

The continent’s largest economy is all set to sign the African Continental Free Trade Agreement (AfCFTA) after President Muhammadu Buhari approves an impact-assessment report he asked for.
The trade pact is expected to take effect on May 30 now that 22 African countries have ratified the agreement. Sierra Leone (21st member to ratify) and the Saharawi Republic (representing the 22nd ratification) ratified the agreement on April 29.
The agreement is meant to enter into force 30 days after the 22-country threshold is reached.
As a result, the African Union and African Ministers of Trade are expected to finalise work on supporting instruments to facilitate the launch of the operational phase of the AfCFTA during an Extra-Ordinary Heads of State and Government Summit on July 7.
The continental pact was launched by the AU Summit in Kigali in March 2018 and by April 30 this year, 52 countries out of the 55 had signed the agreement.
Nigeria is one of the three countries that have not signed the agreement, which seeks to boost intra-African trade, stimulate investment and innovation.

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