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UPDATE 1-Nigeria will sign Africa free trade agreement -presidency

Published 02/07/2019, 23:27
Updated 02/07/2019, 23:30
© Reuters. UPDATE 1-Nigeria will sign Africa free trade agreement -presidency

(Adds background, quotes)
By Libby George
LAGOS, July 2 (Reuters) - Nigeria will sign an Africa free
trade agreement at the coming African union summit, according to
a statement posted on the Nigeria presidency's Twitter feed on
Tuesday.
Nigeria, the largest economy on the continent, was one of
the last countries that had not committed to signing the deal
and its decision to join the bloc will significantly bolster its
clout.
The African Continental Free Trade Agreement (AfCFTA) aims
to eliminate tariffs between member states, creating a market of
1.2 billion people with a combined GDP of more than $2.2
trillion.
Apart from Nigeria, only Eritrea and Benin have chosen not
to join the zone. President Muhammadu Buhari had expressed
concern it could allow neighboring countries to inundate Nigeria
with low-priced goods, and confound efforts to encourage
moribund local manufacturing and expand farming.
But a panel set up to assess the impact of joining the bloc
recommended last week the president "should consider joining."
"Our position is very simple, we support free trade as long
as it is fair and conducted on an equitable basis," the Twitter
feed quoted Buhari as saying.
It added Nigeria would sign onto the deal at an upcoming
African Union summit in Niamey, Niger. The agreement with the
other signatories came into force on May 30.

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