Nigeria Prepares to Adopt AfCFTA Phase II Protocols

The federal government has said it is ready to adopt the African Continental Free Trade Area (AfCFTA) Phase II Protocols later this week.

This was revealed in a press release by a press aide to the president, Garba Shehu, on Wednesday evening, as President Muhammadu Buhari is expected to attend the African Union Summit on Industrialization and Economic Diversification in Niamey.

The AfCFTA Phase II protocols cover agreements ranging from intellectual property rights to investment and protection of competition.

Shehu noted that President Muhammadu Buhari will embark on an official trip to Niamey, the Republic of Niger, to attend the African Union Summit on Industrialization and Economic Diversification, as well as the Special Session on the African Continental Free Trade Area. (AfCFTA).

He said that the Extraordinary Session on AFCFTA is expected to adopt the Phase II Protocols of the continental free trade area, as well as the launch of additional operational tools.

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  • He added that “Nigeria has continued to demonstrate a high level of commitment towards fully operationalizing a Pan-African Free Trade Area that will create a single market for goods and services, liberalize and facilitate the movement of business and investment people across the continent.
  • “On July 7, 2019, Nigeria signed the AfCFTA agreement in Niamey during the 12th extraordinary session of the Assembly and the launch of the operational phase of the trade agreement. The country ratified its membership in AfCFTA on November 11, 2020.

President Buhari will be accompanied by Foreign Minister Geoffrey Onyeama; defense minister, Major-Gen. Bashir Magashi (Rtd), Minister of Industry, Trade and Investment, Adeniyi Adebayo; the minister of finance, budget and national planning, Zainab Ahmed.

To catch: the protocols They are expected enter into force on the date of deposit of the instrument of accession and constitute protocols on intellectual property, investment, competition policy and electronic commerce, and also form part of the single undertaking subject to entry into force (art. 8 of the AfCFTA Agreement)

As of January 2022, 41 countries out of the 54 member states of the African Union (excluding Eritrea) had deposited their AfCFTA instruments of ratification. Specifically for Nigeria, the deal is expected to open up the African market for key manufacturing companies in the country to support export sales while increasing prospects for attracting foreign direct investment across the manufacturing value chain. .

The news continues after this announcement.

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