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Nigeria ratifies AfCFTA membership
Nigeria’s Federal Executive Council has approved the ratification of the African Continental Free Trade Agreement ahead of its December 5th deadline. Nigeria’s Attorney General of the Federation and Minister of Justice will now prepare the AfCFTA Ratification Instrument for assent by President Muhammadu Buhari before it is transmitted to the African Union. Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group joins CNBC Africa for more.
Thu, 12 Nov 2020 11:34:53 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Nigeria must focus on attracting investments and creating a favorable business environment to be competitive within the African continent.
- Public-private partnerships and innovative financing tools are crucial for achieving economic and physical integration under the AfCFTA.
- Challenges such as border closures and infrastructural constraints pose immediate hurdles for Nigeria in maximizing the benefits of the AfCFTA.
Nigeria's Federal Executive Council has given the green light to the ratification of the African Continental Free Trade Agreement (AfCFTA) ahead of the December 5 deadline. This pivotal decision sets the stage for Nigeria to fully participate in the free trade area, marking a significant milestone in the country's economic agenda. With the approval of the ratification instrument by President Muhammadu Buhari, Nigeria is poised to transmit its commitment to the African Union, signaling its readiness to embrace the opportunities and challenges that lie ahead. Kyari Bukar, Former Chairman of the Nigerian Economic Summit Group, shared insights on Nigeria's preparedness and the critical steps needed to harness the benefits of the AfCFTA. The key theme revolves around Nigeria's quest to leverage the AfCFTA for economic growth and competitiveness within the African continent.
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