Nigeria Ratifies African Continental Free Trade Agreement Protocols

ABUJA — Nigeria has formally ratified key protocols under the African Continental Free Trade Agreement, unlocking new trade and investment opportunities across the continent’s 55 nations. The Guardian Nigeria confirmed the ratification on Friday. The move positions Nigeria to more fully participate in what is the world’s largest free trade area by number of member countries.

Nigeria was one of the last major African economies to ratify AfCFTA. The country had hesitated for years due to concerns about domestic industry protection, particularly from manufacturers who feared cheap imports from other African countries. The formal ratification signals a government determination to engage more actively with the continental trade framework.

Trade minister Dr. Jumoke Oduwole said the ratification opens enormous opportunities for Nigerian exporters of manufactured goods, agricultural products, digital services, and creative content. She said Nigerian businesses have a competitive advantage in many sectors and AfCFTA gives them a platform to exploit that advantage across 1.4 billion consumers.

Opportunities and Risks

The Manufacturers Association of Nigeria expressed cautious support for the ratification but called for strong safeguard mechanisms. The association said Nigerian industries need time to adjust their production processes and cost structures before facing unrestricted competition from lower-cost African manufacturers.

Economists said the ratification is particularly timely given Nigeria’s improved macro position. With the naira more stable and foreign reserves at $50 billion, Nigeria has greater capacity to manage the transition to a more open trade environment without the foreign exchange crises that have historically disrupted economic policy implementation.

The ratification also supports Nigeria’s diplomatic repositioning as a continent-leading economic power. A country that hosts AfCFTA’s secretariat negotiations while not fully participating in the agreement had been an embarrassing contradiction. The formal ratification removes that inconsistency.