Thursday , July 18 2019
Home / News / Local News / Nigeria Absent As 44 African Countries Sign Free Trade Area Agreement

Nigeria Absent As 44 African Countries Sign Free Trade Area Agreement

Spread the love

44 African countries yesterday signed an agreement establishing a free trade area. The signing took place in Kigali, Rwanda. According to the African Union , the Continental Free Trade Area CFTA will in no small measure boost the continent’s economic development.

The creation of the Continental Free Trade Area CTFA,  which is said to be the world’s largest in terms of participating countries, comes after two years of negotiations and is one of the AU’s flagship projects for greater African integration.

Nigeria was conspicuously absent from the signatories after President Buhari last week pulled out, saying he needed more time for consultations at home. The Federal government hesitated after objections from business leaders and unions.

“Some countries have reservations and have not finalised their national consultations. But we shall have another summit in Mauritania in July where we expect countries with reservations to also sign,” said Albert Muchanga, the AU Commissioner for Trade and Industry.

Economic powerhouses like South Africa, Kenya, Morocco, Egypt, Ethiopia and Algeria  were among the country’s that signed the deal yesterday.


About ayo

Check Also

Access Bank Breaks Down Barriers to African Money Transfers

Spread the loveFresh off the news cycle that saw Nigeria sign the Africa Continental Free …

Leave a Reply

Your email address will not be published. Required fields are marked *