Nigeria Could Join Africa’s Free Trade Agreement in July, Afreximbank Says

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Nigeria Could Join Africa’s Free Trade Agreement in July, Afreximbank Says
Nigeria Could Join Africa’s Free Trade Agreement in July, Afreximbank Says

Nigeria is set to enter Africa’s free-trade agreement as early as July, Benedict Okey Oramah, president of Africa Export Import Bank, told The Annual Debate Africa Investment conference in London on June 5.

Nigeria, along with Eritrea and Benin, has so far not ratified the African Continental Free Trade Area, which came into force on May 30. Yet Nigeria, which is Africa’s largest economy, accepted the roadmap for the agreement and hosted preparatory events, Oramah said. “I think Nigeria will be a member. I don’t see why they would stay out.”

Oramah predicted that the foreign currency content of inter-African trade will fall because of the ability to pay in local currencies. That will be crucial in the context of increasing global protectionism and predictions of a world recession in coming years.

CENTER FOR AFRICAN STUDIES

Center for Africa Studies (AFRAM) which located in Ankara, is an organization facilitating under the administration of African Affairs Council (AFAC). It makes various researches about Africa to enhance economic and cultural bounds between Africa and Turkey. AFRAM’s publishings has been shared with different institutions as they require to obtain.

AFRICA OBSERVATORY

Africa Observatory is one the publishing of AFRAM and it has been published each two weeks. It has been delivered to different institutions via e-mail.



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