President Buhari Signs AU’s Free Trade Agreement

President Muhammad Buhari has joined other African leaders in signing an agreement which aims to increase trade between African countries.

Mr Buhari signed the landmark agreement at the African Union (AU) summit in Niger.

The AU estimates that implementing the African Continental Free Trade Area, AfCFTA will lead to a 60% boost in intra-African trade by 2022.

AU has been trying to achieve Economic operation for Africa since the 20th century in order to have a good bargaining ground during bilateral and multilateral meetings with other regions and this new deal is seen as a step in the right direction.

AFP reports that AfCFTA will create the world’s largest free trade area. With Nigeria signed up, AfCFTA’s dream of increasing intra-Africa trade, which currently lags behind the volume of trade the continent does with Europe, is now one step closer.

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Now that AfCFTA can offer access to the enormous Nigerian market, they are in a much stronger position to negotiate with regional bodies in other parts of the world.

The signing comes several months after the Nigerian leader initially refused to sign the agreement which has already been signed by about 52 other African countries.