Wednesday, April 14African Business News
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Tag: AFCTA

FG ratifies Nigeria’s membership of AfCFTA

FG ratifies Nigeria’s membership of AfCFTA

Economy
The Federal Government on Wednesday ratified Nigeria’s membership in the African Continental Free Trade Area. The decision was taken at the weekly meeting of the Federal Executive Council presided over by the President, Major General Muhammadu Buhari (retd.). The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this to State House correspondents at the end of the meeting at the Presidential Villa, Abuja. AfCTA was created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations. The main objectives of the AfCFTA are to create a single continental market for goods and services, with free movement of business persons and investments, and thus pave the way for accelerating the establishment of the Customs Union. Mohammed said w...
How AFCFTA will build regional value chains, benefit countries without industrial base

How AFCFTA will build regional value chains, benefit countries without industrial base

Business
The secretariat for the African Continental Free Trade Area (AfCFTA) said it is actively working to build regional value chains where African countries can benefit immensely from the trade agreement when it finally kicks off. To identify the value chains for African countries to benefit from the agreement, the secretariat said what it required was an action plan for the implementation of an industrial development strategy that would be applied on the African continent. Secretary-General, AfCFTA, Wamkele Mene, who disclosed this spoke on “AfCFTA Implementation Post-COVID-19” during a virtual conference hosted by the American Business Council (ABC) in Nigeria and US Africa Business Centre. He said if the agreement benefits only countries that already have a relative ...