By Abba Hamisu Sani
Africa-Press-Nigeria The African Continental Free Trade Area is an ambitious trade pact to form the world’s largest free trade area by connecting almost 1.3bn people across 54 African countries. The agreement aims to create a single market for goods and services in order to deepen the economic integration of Africa.
The trade area could have a combined gross domestic product of around $3.4 trillion, but achieving its full potential depends on significant policy reforms and trade facilitation measures across African signatory nations.
The AfCFTA aims to reduce tariffs among members and covers policy areas such as trade facilitation and services, as well as regulatory measures such as sanitary standards and technical barriers to trade.
African Union Champion the course of Agreement
The agreement was brokered by the African Union (AU) and was signed by 44 of its 55 member states in Kigali, Rwanda on March 21, 2018. The only country still not to sign the agreement is Eritrea, which has a largely closed economy.
Trading under the agreement commenced on 1 January 2021, after a sixth month delay as a result of the impact of Covid-19.
As of 9 September 2021, 38 of the 54 signatories had deposited their instruments of ratification with the chair of the African Union Commission, according to the Tralac Trade Law Centre.
The AfCFTA Secretariat, an autonomous body within the African Union based in Accra, Ghana, and led by secretary
Ugandan Ambassor to Nigeria on AfcFTA
During his Speech at the opening Ceremony of Kano 42 International Trade fair on 27 November 2021 with theme :Consolidating the challenges of Covid 19 Pendemic to opportunities for growth and Development of Micro, small and Medium enterprises in Nigeria, the Ugandan High Commissioner to Nigeria Ambassador Nelson Ocheger said African continent can depend on it self in all aspect of life.
Mr. Ocheger stated that Countries like Nigeria with high population in Africa has vital role to play towards actualising the AfcFTA’s set objectives.
The Diplomat added that his Country Uganda has large deposit of Cement raw materials and touralism sites as he said there is no need for Africans to be travelling to Europe, America, Asia and Middle east for their holidays.
The Ambassador urged Nigerian business Community to Invest in to the critical economic sectors of Uganda as his Government Provided all the enabling Environment.
Such as Security, electricity, road networks and Tax holiday for Investors.
The envoy exspressed gratitude to Nigerian Government by providing Teaching aid to his Country by sending Lecturers to Ugandan High Institutions for many years.
Engineer Jani Ibrahim is the Second Deputy President to Nigerian Association of chambers of Commerce, Industry, Mines, and Agriculture.
He said Nigerian Entrepreneurs are ready to Invest in all parts of Africa as they have many Companies in different Countries across the continent.
President Kano Chamber of Commerce, Industry, Mines and agriculture Dalhatu Abubakar described Africa free Continental Trade Area as a great Initiative by African leaders and a window to so many opportunities to African Industries, businesses and Services
