RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Banking

Nigeria to take up full involvement in AFCFTA by Q4

Rate Captain by Rate Captain
September 27, 2022
in Banking, Economy
Reading Time: 2 mins read
A A
0
Nigeria to take up full involvement in AFCFTA by Q4
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigeria, Africa’s giant is set to commence full participation in the Africa Continental Free Trade Area (AFCFTA) in the fourth quarter of 2022.

The Secretary of the committee on the AFCFTA, Mr. Francis Anatogu, made this disclosure in a telephone interview with the Punch on Monday, pointing to the fact that some trading documents were needed before Nigeria could assume full participation.

AlsoRead

Cash Outside Banks Falls by N486 Billion to Seven-Month Low

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

The Secretary asserted that the needed trading documents were undergoing the gazetting process. According to his comments in the interview with Punch, he said:

“The update is that for us to begin, there are some trading documents that we now need to dissect.”

“Those documents came last week, so they are still with the Customs. The gazetting processes will commence and once it is gazetted, it will be published.”

“Just to be on the safe side, we will be participating this year – that is for sure. The trading documents have been issued and the gazetting process is ongoing in Nigeria and once that is done, trading can start.”

The Executive Director, Center for the Study of the Economies of Africa (CSEA), Chukwuka Onyekwena, and Yewande Olapade, a quantitative and non-resident fellow at CSEA, in a research report on Brookings, revealed that even though there is a presumption of the positive impact of AFCFTA, that may not be the case.

The researchers believe that while there is a general optimism around the creation of the African Continental Free Trade Agreement (AfCFTA), like any other free trade agreement (FTA), it will inevitably create winners and losers.

They said there is an unequal distributional impact which is a “function of many possible factors, including manufacturing capacity, domestic costs of doing business, firm productivity, infrastructural capability, AfCFTA awareness levels, and access to loans and financing. Whether due to firm-level inefficiencies, information frictions, or the sub-optimal business environments, some firms—or even sectors—within a country may be unable to expand market opportunities as competition from other continental economies rises.”

According to them, Nigeria stands to gain from increased access to cheaper goods and services from other African countries through the AFCFTA, considering that Nigeria’s intra-African trade is currently low–as of 2018, the country’s import from the African region was 3.2% and export to the same region was 13.2 percent.

However, increased access to cheaper goods, even though will raise the domestic welfare of consumers, will result in higher demand for non-Nigerian-made products, having a significant negative implication for the demand for local goods. MSMEs in Nigeria would be faced with threats associated with the AfCFTA as there will be an up-shoot in foreign competition.

What you need to know
AFCFTA drops 90 percent of tariffs and includes policies aimed at eliminating non-tariff barriers.

The AFCFTA agreement will allow for free movement of goods, services, investment, and skilled labor across 55 countries while enabling Africa to integrate further into the global supply chain.

Specifically, it can connect 1.3bn people across 55 countries with a combined Gross Domestic Product of $3.4trn and is estimated to lift 30m people out of extreme poverty.

Previous Post

Naira Appreciates Marginally by 0.08% at the Investors and Exporters’ Window

Next Post

Breaking: CBN hikes interest rate to 15.5%

Related News

CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

Cash Outside Banks Falls by N486 Billion to Seven-Month Low

by Stephen Akudike
July 28, 2026
0

Currency held outside Nigeria’s banking system dropped to its lowest level in seven months in June 2026, signalling a gradual...

FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

by Victoria Attah
July 28, 2026
0

Corporate borrowers and state-backed entities paid coupon rates as high as 20% to access Nigeria’s debt capital market in the...

Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

by Jide Omodele
July 28, 2026
0

Nigeria’s foreign exchange market recorded its highest weekly turnover of 2026, with total transactions in the FX Spot and Derivatives...

Leading Banks Struggle with Capital Deficits: Zenith Bank and Others Strive to Meet CBN Standards

Banks’ Maximum Lending Rate Eases to 33.16% in June

by Jide Omodele
July 27, 2026
0

Nigeria’s average maximum lending rate declined to 33.16% in June 2026, down from 34.78% in May, offering a slight reduction...

Next Post
CBN Reverts Interest Rate on All its Intervention Funds to 9% Annually

Breaking: CBN hikes interest rate to 15.5%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

Cash Outside Banks Falls by N486 Billion to Seven-Month Low

July 28, 2026
FG Secures $1.95 Billion in World Bank Loans Amidst Debt Concerns

Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

July 28, 2026

Popular Story

  • CBN Allows Oil Companies to Resume Dollar Sales to Banks in Effort to Boost Supply.

    Cash Outside Banks Falls by N486 Billion to Seven-Month Low

    0 shares
    Share 0 Tweet 0
  • Nigeria’s FX Market Hits Record $4.4 Billion Weekly Turnover 

    0 shares
    Share 0 Tweet 0
  • Nigerian Issuers Pay Up to 20% to Raise Debt in First Half of 2026

    0 shares
    Share 0 Tweet 0
  • First HoldCo Assures Shareholders of Dividend Resumption by End of 2026

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>