Posted on Sun 7 Jul 2019, 02:12 PM

After weeks of speculations, President Muhammad Buhari has finally signed the African Continental Free Trade Area Agreement.

The signing took place on Sunday morning at the Extraordinary Session of the Assembly of the Union on AfCFTA holding in Niamey, Niger Republic.

The gathering also accommodated the First Mid-Year Coordination Meeting of the African Union Regional Economic Communities.

Pres. Buhari signing the agreement, makes Nigeria the 53rd country to endorse the document,  

A presidential panel he set up to look into the AfCFTA advised that Nigeria would benefit economically from the envisaged trade relations with other African countries.

The panel in addition noted that some negative impacts included massive smuggling that could turn Nigeria into a dumping ground for goods produced outside of Africa.

Economist have been divided on how the AfCFTA will affect Nigeria's economy and argued in diverse ways on how the federal government should handle the development. 

Relevant authorities are expected to unveil details of the agreement and how the economy will directly or indirectly affected in the short, medium and long term.


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