49 African countries signed the Free Trade Pact … except Nigeria

Nigeria still stands out – and often, not in a good way. Yesterday, 49 of the 55 members of the African Union signed the agreement on the African Continental Free Trade Area (AfCFTA).

The President of the African Union and the President of Rwanda, Paul Kagame, made the announcement in Nouakchott during the closing ceremony of the 31st summit of 55 members of the African Union

But Nigeria and five other countries have not signed the agreement.

The countries that have signed the AfCFTA consolidated text are: Niger, Rwanda, Angola, CAR, Chad, Comoros, Congo, Djibouti, Gambia, Gabon, Ghana, Kenya, Mauritania, Mozambique, Ivory Coast, Seychelles, Algeria, Equatorial Guinea, Morocco, Swaziland, Benin, Burkina Faso, Cameroon, Cape Verde, DRC, Guinea, Liberia, Libya, Madagascar, Malawi, Mali, Mauritius, South Sudan, Uganda, Egypt, Ethiopia, Sao Tome and Principe , Togo and Tunisia

South Africa, Sierra Leone, Namibia, Lesotho and Burundi signed AfCFTA at the Nouakchott summit. Chad and Swaziland have ratified the agreement, bringing the total number of ratifications to six.

A minimum of 22 ratifications is necessary to allow the entry into force of the FTA and 15 ratifications for the protocol on the free movement of persons. The FTA is the largest free trade area since the creation of the World Trade Organization, according to the AU. It could create an African market of more than 1.2 billion people with a GDP of 2.5 trillion US dollars, according to the pan-African bloc.

The AU said that the agreement was to improve the economic prosperity of African nations by removing barriers to trade such as tariffs and import quotas, allowing the free movement of goods and services among its members.

Is Nigeria not signing?

President Buhari refused to sign the agreement invoking economic protection as a reason. He says the agreement will expose industries and small businesses to external pressures and competition, which could lead to closures and job losses:

"We are not enthusiastic about The idea of ​​signing the EPA We want our young people to be busy.

At the present time, our industries can not compete with the most efficient industries and the more technology-oriented in Europe: we must protect our industries and our young people. "

And … it is a weak defense. In a global and competitive market, protectionism offers no one better benefits. S engaging in free trade with the rest of Africa will lead to competition in the country and will make local producers aspire to quality. The multiplier effect will be jobs and more jobs. Because companies have a $ 1.2 billion market. And with Nigeria owning much of this market, it has more to gain than to lose from participating in the CFTA. And not to participate disadvantages us.

Except that the government is hiding something from us. And they are: the free trade agreement will force us to strengthen declining infrastructure and create a common air transport market that could lower air fares in Africa. There are also visa-free travel plans for Africans across the continent as part of the agreement. You can see why Nigerian politicians they would not want it.