The presidency on Wednesday said President Muhammadu Buhari will sign the agreement establishing the African Continental Free Trade Area (AfCFTA) this weekend.
In a tweet via its official twitter handle @NGRPresident, the presidency said Buhari will sign the agreement at the 12th Extraordinary Summit of the African Union scheduled to hold from July 4 to July 8 in Niamey, Niger Republic.
According to the presidency, the resolve to sign the treaty comes after “extensive domestic consultations”
The tweet read, ”Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger.
”Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019”.
Nigeria’s decision to sign the agreement comes three days after members of the Economic Community of West African States (ECOWAS) agreed to launch ECO, proposed single currency for the region.
AfCFTA is a trade agreement signed in Kigali, on March 2018, between 49 African Union member states with the goal of creating a single market followed by free movement and a single-currency union.
Ratification by 22 countries is required for the agreement to enter into force and the African Continental Free Trade Area to become effective.