CURRENT AFFAIRS

Detailed explanation-1: -Nigeria-the largest economy in Africa-signed the AfCFTA on July 7, 2019, becoming the 34th member of the trading bloc .

Detailed explanation-2: -Nigeria is a member of the AfCTA. This agreement is to establish a single market for goods and services across 54 counties, allow the free movement of business, travelers, and investments, and create a continental customs union to streamline trade and attract long-term investment.

Detailed explanation-3: -Information on Nigeria’s Involvement The benefits of AfCFTA to the Nigerian economy include: Larger market access, free movement of labor, goods, services and capital. The AfCFTA Agreement will motivate Nigerian SMEs to expand their businesses to other African countries.

Detailed explanation-4: -Prolonged documentation and protectionist policies are among the major challenges hampering the implementation of the African Continental Free Trade Agreement (AfCFTA) in Nigeria, BusinessDay has learnt.