The Federal Executive Council has ratified Nigeria’s membership of African Continental Free Trade Area Agreement.
Information and Culture Minister, Lai Mohammed disclosed this while briefing State House Correspondents at the end of the weekly cabinet meeting chaired by President Muhammadu Buahri.
Mohammed said with Wednesday’s ratification, Nigeria has been able to beat the 5th December deadline set for all countries to ratify their membership of the African free trade zone.
He said: “The Minister of Industry, Trade, and Investment presented a memo today asking the Federal Executive Council to ratify Nigeria’s membership of the African Continental Free Trade Area Agreement (AfCFTA).
“You remember that on the 7th of July, 2019, Nigeria signed the AfCTA agreement in Niamey during the 12th Extraordinary Session of the Assembly of the African Union (AU). The effective date ought to have been July 2020.
But as a result of the pandemic, it was postponed to the 1st of January 2021. And all member-states were given up to the 5th of December to ratify the agreement.