It is estimated that the success of the AfCFTA will be to connect 1.3 billion people and create a $3.4 trillion economic bloc. It would create an expanded market for African goods and services, integrate national markets to regional markets, leading to economic diversification, structural transformation and the enhancement of human capital.
One of the flagship projects of Agenda 2063 is the establishment of the African Continental Free Trade Area, which is outlined in the African Continental Free Trade Agreement . The intention of the AfCFTA is to boost Africa’s trading position in the global market, thereby accelerating the growth of intra-African trade.
Nigeria recently signed the AfCFTA, which makes it the 54rd country to sign the agreement. The very fact that 54 out of the 55 member states of the AU have signed the agreement signifies a commitment to Africa’s unity and economic prosperity. However, without concrete implementation plans, AfCFTA will only remain a “revolutionary idea”.
All the 53 countries that are signatories to the agreement have developed and progressed differently; some are more prosperous than others. It is envisaged that the benefits of the AfCFTA will accrue unevenly, depending on a country’s manufacturing, supply and competitive capacity. Factors like security and politics will also play important roles in ensuring the effectiveness of the agreement. Nigeria, for instance, has to take more concrete steps in improving security at its borders and ports.
It is said that a robust manufacturing sector is a fundamental path to economic growth and development. Nigeria is import-dependent, as are most African countries. Thus, the AfCFTA poses a unique opportunity for African countries to become more industrialised, which would, in turn, create jobs for a large chunk of the unemployed population. Industrialisation or a manufacturing-centred economy is what transformed countries like the U.S.A, Germany, U.K.
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