Nigeria is set to adopt the Phase II Protocols of the AfCFTA

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The federal government says it is set to adopt the Phase II Protocols of the African Continental Free Trade Area (ACFTA) later this week.

This is exposed in a press statement by a media aide to the president, Garba Shehu on Wednesday night as President Muhammadu Buhari is expected to attend the African Union Summit on Industrialization and Economic Diversification in Niamey.

The Phase II Protocols of the AfCFTA cover agreements ranging from intellectual property rights, to investment and competition protection.

Shehu noted that President Muhammadu Buhari will embark on an official trip to Niamey, the Republic of Niger to attend the African Union Summit on Industrialization and Economic Diversification, as well as the Extraordinary Session of the African Continental Free Trade Area (AfCFTA ).

He said that the Extraordinary Session of the AFCFTA is expected to adopt the Phase II Protocols of the continental free trade area as well as launch additional operational tools.

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  • He added that “Nigeria continues to demonstrate a high level of commitment towards the full operationalization of a pan-African free trade area that will create a single market for goods and services, liberalize and facilitate the movement of investment and entrepreneurs across the continent.
  • “On July 7, 2019, Nigeria signed the AfCFTA agreement in Niamey during the 12th Extraordinary session of the Assembly and launched the operational phase of the trade deal. The country approved its membership of the AfCFTA on November 11, 2020.

President Buhari will be accompanied by the minister of foreign affairs, Geoffrey Onyeama; defense minister, Major-Gen. Bashir Magashi (Rtd), minister of industry, trade and investment, Adeniyi Adebayo; the minister of finance, budget and national planning, Zainab Ahmed.

For the ketchup: The protocols IMMINENT will be implemented on the date of deposit of the instrument of action and will be protocols on intellectual property, investment, competition policy, and e-commerce, and will also be part of a work subject to entry into force (Art. 8 in the AfCFTA Agreement)

As of January 2022, 41 countries of the 54 member states of the African Union (excluding Eritrea) have deposited their instruments of ratification of the AfCFTA. Specifically for Nigeria, the agreement is expected to open up the African market for the country’s leading manufacturing companies to support export sales while also raising the prospects of attracting foreign direct investment throughout the supply chain. manufacturing cost.

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