AfCFTA to be x-rayed as Nigeria hosts national forum on historic agreement

Nigeria, which signed the landmark African Continental Free Trade Agreement in July, will this week host its national AfCFTA Forum on the “Effective Implementation of the AfCFTA for Industrialization and Inclusive Economic Development”.

The Forum, which runs from 5-6 December 2019 in Lagos, is being co-organized with the United Nations Economic Commission for Africa (ECA), the European Union, the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and in collaboration with the African Union Commission (AUC).

This AfCFTA Forum will bring together the private sector in Nigeria to afford them the opportunity to learn how to best leverage the opportunities within the AfCFTA. The role of the private sector is critical in its implementation,” says Adeyinka Adeyemi, Senior Advisor with the African Trade Policy Centre at the ECA.

The forum is also a platform to actively engage with and consult intra-African actors across a diverse range of different sectors to better understand how the agreement can shape more inclusive economic development in Nigeria.

The AfCFTA entered into force on 30 May 2019 having been ratified by the required 22 countries. Currently, 54 countries have signed, and 27 countries have ratified the AfCFTA. The historic agreement provides an opportunity for Africa to create the world’s largest free trade area, with the potential to unite 1.3 billion people, in a $2.5 trillion economic bloc, ushering in a new era of development.

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The agreement has the potential to generate a range of benefits for Nigeria through supporting trade creation, structural transformation, productive employment and poverty reduction.

Nigerian President Muhammadu Buhari signed the AfCFTA agreement in Niamey at the African Union Summit in July after what his government said were comprehensive consultations with the private sector and in-depth consideration of its potential impact on the Nigerian economy.

Following this, the National Action Committee for the implementation of the AfCFTA under the chairmanship of Otunba Niyi Adebayo, the Minister of Industry, Trade and Investment, was created, signalling Nigeria’s readiness to implement the agreement.

In meeting these objectives, the AfCFTA will become a key engine of economic growth, industrialisation and sustainable development in Africa in line with the African Union’s Agenda 2063 for “The Africa We Want.”

This Forum is part of a comprehensive project, supported financially by the European Union, aiming to deepen Africa’s trade integration through effective implementation of the AfCFTA. The ECA has been working with its partners including the African Union Commission (AUC), International Trade Centre (ITC), United Nations Conference on Trade and Development (UNCTAD), and a selection of independent trade experts to ensure effective AfCFTA implementation strategies.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.