- Nigeria's finance minister said that the African Continental Free Trade Agreement (AfCFTA) was too important for Africa's largest economy to hurriedly sign.
Nigeria's finance minister, Kemi Adeosun has said that the African Continental Free Trade Agreement (AfCFTA) was too important for Africa's largest economy to hurriedly sign without making sure the interest of the people was protected.
Adeosun stated this while speaking on the pros and cons of the trade agreements on Wednesday, July 11, 2018, in Abuja at the 2018 Annual Meetings of the Afreximbank, with the theme: “Powering Africa Through Regional Integration”.
She said the government was almost done on the nationwide consultations with other federating units as well as manufacturers and other stakeholders and that it would take a decision on whether to sign or not very soon.
Adeosun's statement came when President of South of Africa, Cyril Ramaphosa wooed Nigeria to joined the AfCFTA because of its obvious gains and how it will improve intra-African trade and improve the banking sector.
The AfCFTA is expected to cover 1.2 billion Africans with Gross Domestic Product of 2.5 trillion dollars and in 2050, it will cover four billion Africans, constituting 36 per cent of the global population.
The agreement is expected to increase intra-African trade from the current 16 per cent to 53 per cent with a corresponding GDP growth and increase employment and job creation on the continent.
As at last African Union summit, 49 out of 54 members have signed the agreement, leaving Nigeria and others.
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