Integration Point Blog AfCFTA Enters Into Force

While the continental trade agreement between the U.S., Mexico, and Canada stalls in the ratification process, the Africa Continental Free Trade Agreement (AfCFTA) quietly came into force on May 30. A unified market for the participating countries is set to be launched on July 7. So far, 52 countries have signed the agreement and 24 of those legislations have ratified the agreement. The minimum threshold for passage is 22 legislative ratifications. The continent’s largest economy and most populous country, Nigeria, is yet to sign the AfCFTA. Nigeria’s President Muhammadu Buhari is reportedly reviewing an impact assessment and consulting with domestic economic stakeholders to determine whether or not Nigeria will sign the agreement.