President Muhammadu Buhari has inaugurated the National Action Committee (NAC) for implementation of the African Continental Free Trade Area (AfCFTA) Agreement.In July 2019, President Buhari approved the establishment of the committee with the mandate to undertake a process of engagement with stakeholders to sensitize them on the opportunities and challenges of the AfCFTA.
The committee is made up of representatives of Ministries and Agencies with competent and relevant jurisdiction, and selected stakeholder groups from the private sector and the civil society
At the inauguration ceremony which took place on Friday, December 20, 2019, at the statehouse, President Buhari charged the committee to support Ministries, Departments and Agencies as well as businesses, achieve the full benefits of the agreement.
He said the goal of job creation; employment is one of the major reasons of the agreement, urging members to submit a report to him by March of 2020.
President Buhari also revealed that engagements with the Ninth Assembly will start soon.
Nigeria signed the AfCFTA agreement at the 12th Extraordinary Session of the African Union (AU) Heads of State on 7th July 2019, in Niamey, Republic of Niger.
Upon ratification, Nigeria will domesticate the Agreement by incorporating it into existing laws or enacting new laws, as appropriate.
The AfCFTA Agreement, which creates a single market for goods and services and movement of persons to increase intra-African trade and deepen African economic integration, has Phase I and Phase II negotiations.