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NIGERIA RATIFIES AFRICAN FREE TRADE MEMBERSHIP

16.11.2020
Investment

On 7th July 2019, Nigeria signed the African Continental Free Trade Area (“AfCFTA”) agreement. The effective date of the agreement ought to have been July 2020 but due to the global pandemic, it was postponed to 1st January 2021. However, member states were required to ratify the AfCFTA agreement on or before 5th December 2020.

On Wednesday, 11th November 2020, the Federal Executive Council approved the ratification of Nigeria’s membership of the African Continental Free Trade Area. Accordingly, on 1st January 2021, the AfCFTA agreement will become effective. The AfCFTA will be implemented in phases. The first stage is the establishment of a protocol for trade in goods and services and a protocol for dispute resolution rules. The second stage will deal with competition, investment and intellectual property rights.

We view Nigeria’s ratification of the AfCFTA agreement as a significant development especially in Nigeria’s shipping industry as it opens the sector to the larger African market, giving Nigerian shipowners access to opportunities beyond Nigeria’s territorial waters. This also allows increased access to Nigerian goods and services in the wider African market. 


Qualifications

The contents herein are meant for the general information of our clients and friends and do not amount to legal advice. Adepetun Caxton-Martins Agbor & Segun accepts no responsibility for any loss or damage that may arise from reliance on information contained in this publication. All enquiries may be made to acas@acas-law.com.

Adepetun Caxton-Martins Agbor & Segun by telephone (+234 1 462 2094), fax (+234 01 461 3140)

SEE ALSO

PEBEC Issues NAP 4.0 on the Ease of Doing Business in Nigeria

06.03.2019
Business, Investments
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