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Africa is Now the World’s Largest Single Continental Market - Business - Nairaland

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Africa is Now the World’s Largest Single Continental Market by MrAnele(m): 7:25am On May 31, 2019
Africa as a continent has officially entered into force the single largest free trade market agreement in the world since the formation of the World Trade Organization.



The African Continental Free Trade Area (AfCFTA) Agreement became a binding international legal instrument on May 30, 2019, and the market would be launched on July 7, 2019, said the African Union in a statement.

“Historic milestone! #AfCFTA Agreement has today come into force. We celebrate the triumph of bold, pragmatic & continent-wide commitment 2 economic integration. We launch market on 7 July, 2019 & begin the journey of transformation 2 secure inclusive prosperity,” said the African Union Commissioner for Trade and Industry, Amb. Albert Muchanga.

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.

It’s been over a year since 44 countries first signed the consolidated text of the Agreement in the Rwandan capital Kigali to enable the long-awaited economic integration and movement of goods and persons across member states.

The AfCFTA will create a single continental market for goods and services; enhance free movement of business persons and investments; enhance competitiveness at the industry and enterprise level through exploiting opportunities for full-scale production.

It will also enforce the establishment of the Continental Customs Union and the African customs union, expedite the regional and continental integration processes and exploit opportunities for scale production, continental market access and better reallocation of resources.

With the commitment of all countries, the AfCFTA could bring together the 1.2 billion African population with a combined gross domestic product (GDP) of more than $2.5 trillion to remove tariffs on 90 per cent of goods, with 10 per cent of “sensitive items” to be phased in later.

This agreement was first introduced in January 2012 during the 18th Ordinary Session of the Assembly of Heads of State and Government of the African Union, held in Addis Ababa, Ethiopia. The member states adopted the decision to establish the Continental Free Trade Area by 2017.


Source: https://listwand.com/africa-is-now-the-worlds-largest-trading-bloc-as-single-continental-market-comes-into-force/

5 Likes

Re: Africa is Now the World’s Largest Single Continental Market by obi4eze: 7:31am On May 31, 2019
angry
Re: Africa is Now the World’s Largest Single Continental Market by naijaguy123456(m): 7:32am On May 31, 2019

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.


Nigeria will regret this big time. There is so much to gain from being a partner to this agreement.

The pact aims to boost intra-African trade by making Africa a single market of 1.2 billion people and a cumulative GDP over $3.4 trillion. The UN Economic Commission for Africa (UNECA) estimates that the implementation of the agreement could increase intra-African trade by 52% by 2022 (compared with trade levels in 2010) and double the share of intra-African trade (currently around 13% of Africa’s exports) by the start of the next decade.

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Re: Africa is Now the World’s Largest Single Continental Market by Sunofgod(m): 7:32am On May 31, 2019
Nigeria is a let down....

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Re: Africa is Now the World’s Largest Single Continental Market by Esseite: 7:32am On May 31, 2019
Buhari did a good job not joining the parasitic trade union... we would have been a dumping ground to them.

What has any of these countries imported from our Manufacturers before to grant free trade access.

69 Likes 6 Shares

Re: Africa is Now the World’s Largest Single Continental Market by Summerbody: 7:32am On May 31, 2019
African my continent
Nigeria wasWAS my country

1 Like

Re: Africa is Now the World’s Largest Single Continental Market by Niholla(f): 7:33am On May 31, 2019
Why did Nigeria not sign??

3 Likes

Re: Africa is Now the World’s Largest Single Continental Market by martineverest(m): 7:33am On May 31, 2019
all thanks to china ulterior motive...I really applaud buhari for not being part of this treaty

50 Likes 3 Shares

Re: Africa is Now the World’s Largest Single Continental Market by Sprumbaba: 7:33am On May 31, 2019
Good move for Nigeria. Nigeria is one of the biggest markets in Africa. All those free trades sometimes can kill the growths of indigenous busineses.

52 Likes 4 Shares

Re: Africa is Now the World’s Largest Single Continental Market by martineverest(m): 7:34am On May 31, 2019
Niholla:
Why did Nigeria not sign??
buhari refused to sign cos of china

6 Likes

Re: Africa is Now the World’s Largest Single Continental Market by MANNABBQGRILLS: 7:34am On May 31, 2019
Benin, Botswana, Eritrea, Guinea-Bissau, Nigeria, and Zambia did not sign the initial agreement.

Our darling President of Nigeria, Muhammadu Buhari was particularly reluctant to join if it hurt Nigerian entrepreneurship and industry.
Our president has the good interest of our nation at Heart.
We Stand with President Buhari.

61 Likes 8 Shares

Re: Africa is Now the World’s Largest Single Continental Market by SamOyovwi: 7:35am On May 31, 2019
I don't like this. It's not good for Nigeria. We should not sign it

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Re: Africa is Now the World’s Largest Single Continental Market by martineverest(m): 7:35am On May 31, 2019
Sunofgod:
Nigeria is a let down....
learn to Reason..

Nigeria is the main target.....buhari refused to sign cos of china

Nigeria is the main target of this free trade zone

50 Likes 7 Shares

Re: Africa is Now the World’s Largest Single Continental Market by Alexanity(m): 7:35am On May 31, 2019
Naija no dey Africa again na, Naija is in hell

1 Like 1 Share

Re: Africa is Now the World’s Largest Single Continental Market by hisgrace090: 7:35am On May 31, 2019
Naija no need challenge at all.
Re: Africa is Now the World’s Largest Single Continental Market by ejimoney(m): 7:36am On May 31, 2019
this is serious, end time sign everywhere. our God will see us through and deliver his people. repent now for the kingdom is at hand...

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Re: Africa is Now the World’s Largest Single Continental Market by Nobody: 7:37am On May 31, 2019
cheesy

1 Like

Re: Africa is Now the World’s Largest Single Continental Market by seyiolumuyiwa: 7:37am On May 31, 2019
Abeg Wu can explain this stuff cuz one thing I no understand for there

6 Likes

Re: Africa is Now the World’s Largest Single Continental Market by hisgrace090: 7:37am On May 31, 2019
Esseite:
Buhari did a good job not joining the parasitic trade union... we would have been a dumping ground to them.

What has any of these countries imported from our Manufacturers before to grant free trade access?


And we will have more than 50 countries to dump ours too.

Think of it.

21 Likes 2 Shares

Re: Africa is Now the World’s Largest Single Continental Market by shadeyinka(m): 7:38am On May 31, 2019
Africa is First and Largest as a Consumer and Parasite to other nations who think and produce.
what a curse!

It's not until chains are put on your neck for you to be a SLAVE, the only prerequisite is to stop using your brain and the thinking Nations would enslave you.

When will Nigeria begin to think?

3 Likes 1 Share

Re: Africa is Now the World’s Largest Single Continental Market by trapQ: 7:39am On May 31, 2019
Cool
Re: Africa is Now the World’s Largest Single Continental Market by Nobody: 7:39am On May 31, 2019
Naija is always the giant of Africa any day. No Nigeria, No Africa. South Africa is just struggling to compete with us, and Ghana will always call us bigger brother. I understand the plight of the guys cautioning govt from jumping into this. Let them beg us well well. Then, we put our terms on the table. Is this not what Britain suppose to do initially instead of now facing Brexit? Just my personal opinion talking from a guy who is far off and does not know the details of the agreement. Perhaps if I have the details, I can do better than this.


God bless Naija!

18 Likes 3 Shares

Re: Africa is Now the World’s Largest Single Continental Market by Nobody: 7:40am On May 31, 2019
naijaguy123456:


Nigeria will regret this big time. There is so much to gain from being a partner to this agreement.


Let me ask you, Nigeria is an Ecowas member State (free movement, free trade etc), but what has Nigeria benefited from it, apart from freedom of movement In Africa, we don't have much goods and services any country can say they have comparative advantage over other countries.


Of all the member States, Nigeria contributes most (military for peacekeeping, financial aid, etc).

26 Likes 3 Shares

Re: Africa is Now the World’s Largest Single Continental Market by Pidginwhisper: 7:41am On May 31, 2019
Sunofgod:
Nigeria is a let down....
In what sense?
naijaguy123456:

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.


Nigeria will regret this big time. There is so much to gain from being a partner to this agreement.
kindly outline the gains

15 Likes 3 Shares

Re: Africa is Now the World’s Largest Single Continental Market by lastempero: 7:42am On May 31, 2019
naijaguy123456:

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.


Nigeria will regret this big time. There is so much to gain from being a partner to this agreement.


Bro we no dey produce anything to export so we stand to loose for now.

21 Likes 2 Shares

Re: Africa is Now the World’s Largest Single Continental Market by tempest01(m): 7:43am On May 31, 2019
Largest dump ground for manufactured products you mean?

2 Likes

Re: Africa is Now the World’s Largest Single Continental Market by musicwriter(m): 7:43am On May 31, 2019
Niholla:
Why did Nigeria not sign??

Because Buhari is taking instruction from myopic people who want to protect tbeir selfish interest instead of wider continental interest.

And those saying China, you don't know what you're talking about. China is already everywhere all over Africa and this agreement is to their interest. China would earnestly want this.

Britain controls your president and most of your elites, so look there and you'll find what interests they'll want to protect with a brain dead president in power.

12 Likes

Re: Africa is Now the World’s Largest Single Continental Market by Bossontop(m): 7:43am On May 31, 2019
undecided
So buhari refused to sign and is busy shouting rubbish next level.........I jus dey wonder how e wan take do am

4 Likes

Re: Africa is Now the World’s Largest Single Continental Market by AreaFada2: 7:44am On May 31, 2019
I am with Buhari on this. They need to first sort out xenophobia against innocent Nigerians in Africa. No point being carried away by free trade agreement on paper while Nigerians will not be allowed to trade in peace. To go lose serious money when attacked. Or killed even.

Nigeria will just become a dumping ground for goods from outside Africa through African countries.

19 Likes 4 Shares

Re: Africa is Now the World’s Largest Single Continental Market by bestman09(m): 7:46am On May 31, 2019
R
Re: Africa is Now the World’s Largest Single Continental Market by trapQ: 7:46am On May 31, 2019
Please if you don't know something, ask questions.
Esseite:
Buhari did a good job not joining the parasitic trade union... we would have been a dumping ground to them.

What has any of these countries imported from our Manufacturers before to grant free trade access?

2 Likes

Re: Africa is Now the World’s Largest Single Continental Market by martineverest(m): 7:47am On May 31, 2019
naijaguy123456:

52 out of the continent’s 55 countries have signed the free trade agreement with the exception of Benin, Eritrea, and Nigeria due to concerns raised by local businesses. Nigeria’s failure to sign the agreement was due to concerns raised by its manufacturing association which says the AfCFTA would have a negative impact on its members.


Nigeria will regret this big time. There is so much to gain from being a partner to this agreement.
learn to reason fast and deep before castigating

Benin isn't signing because they have the largest port in Africa...thus they will lose revenue

Nigeria isn't signing cos they are the main target... Chinese will take advantage of this by importing Chinese products to our neighbors and slamming 'made in Cameroon/Ghana/togo' on it

21 Likes 4 Shares

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