• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, October 3, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

AfCFTA takes-off without Nigeria

The Matters Press by The Matters Press
May 30, 2019
Reading Time: 2 mins read
0
Nigeria loses $25b to foreign ship owners

Ship with goods

Trade

An African free-trade zone came into force on Thursday without Nigeria and two other countries.

RELATED POSTS

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

Atiku’s hunger revolution, delusional – TMSG

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

The is a step toward creating what the African Union (AU) hopes will be a continent-wide market of 1.2 billion people worth $2.5 trillion.

“This is a historic milestone!” tweeted Albert Muchanga, AU commissioner for trade and industry.

“We celebrate the triumph of bold, pragmatic and continent-wide commitment to economic integration.”

The African Continental Free Trade Area had been ratified by 22 countries by April 29, the requisite number for formally notifying the AU. That paved the way for it to take effect 30 days later as stipulated in its statutes.

The agreement’s operational phase is to be launched on July 7 at an AU summit in Niger. There are still a number of outstanding issues to be resolved, including arbitration measures, certifying the origins of goods, tackling corruption and improving infrastructure.

Fifty-two of the AU’s 55 member states have signed the agreement to establish the free trade area since March 2018, with the notable exception of Nigeria, the largest economy on the continent.

But some of Africa’s other economic heavyweights — including Ethiopia, Kenya, Egypt and South Africa — are among the 24 nations that have formally ratified it. In the last month, Zimbabwe and Burkina Faso joined the fold.

The AU envisions the free trade zone, once fully implemented, driving economic integration and spurring investment within the continent.

It hopes the progressive elimination of tariffs will help boost intra-Africa trade by 60 percent within three years. At present, only 16 percent of trade by African nations is with continental neighbours.

Advocates for the trade zone say it will help develop African economies long driven by a focus on resource exploitation, and provide a platform for negotiating with markets beyond the continent.

But critics say poor infrastructure and a lack of diversity between the various economies could throw up barriers to this envisioned integration.

Tags: Free Trade
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Consumer commission, CBN, EFCC investigate violations in money lending
Economy/Technology

Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎

September 24, 2025
Drop your frustration, let President Tinubu be, Group picks on Atiku
Economy/Technology

Atiku’s hunger revolution, delusional – TMSG

September 23, 2025
‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG
Economy/Technology

‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

September 22, 2025
2023 maritime, shipping outlook force experts to call for aid
Economy/Technology

Leap in non-oil exports gain of Nigeria:s economic diversification ‎

September 17, 2025
NBS reports increase in Inflation
Economy/Technology

Think Tank ‎projects 17% inflation rate by year-end, urges CBN to ease benchmark rate ‎

September 17, 2025
Old pension scheme beneficiaries get a boost in entitlements
Economy/Technology

‎GROUP LAUDS INSURANCE SCHEME FOR RETIREES IN NIGERIA. ‎

September 14, 2025
Next Post
Sanwo-Olu moves to tackle gridlocks, sanitation

Sanwo-Olu moves to tackle gridlocks, sanitation

Buhari in Saudi Arabia for OIC summit

Buhari in Saudi Arabia for OIC summit

Recommended Stories

Intimidation, cyber-bullying by loan sharks

Buhari hailed for stopping lenders’ harassment of Nigerians

April 5, 2023
Buhari presents N8.8trn 2019 budget

Buhari presents N8.8trn 2019 budget

December 19, 2018

Kaduna Int’l Trade Fair: Strengthening trade ties with Chad, a priority

February 26, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Think Tank welcomes first interest cut in 5 years, notes that CBN decision aligns with its projection ‎
  • Atiku’s hunger revolution, delusional – TMSG
  • ‎Fubara, lawmakers’ position vindicate President Tinubu’s emergency rule declaration-TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us