The African Continental Free Trade Agreement (AFCFTA): A Catalyst to Nigerian Trade

Abstract

Nigeria’s signing of the African Continental Free Trade Agreement in 2019 spurred a lot of deliberations on the impact it portends for the economy and the continent as a whole. At the start of 2021, the stage was finally set for the commencement of trading activities across the continent. While many have expressed fears that the infrastructure deficit of the country and the lack of political will may significantly affect the implementation of the agreement, one must not lose sight of the numerous benefits that the newly established trade bloc avails Nigeria. This paper examines the potential impact of the agreement on trade in 3 key sectors of the Nigerian economy namely, agricultural, manufacturing and service sectors. In essence, it reveals that the agreement indeed is a potential catalyst to Nigeria’s trade in goods and services.