Abstract
The paper examined the African Continental Free Trade Agreement, 2018 and its impacts on Nigeria, the opportunities, and challenges. The paper adopted the doctrinal method of research with primary from AfCFTA and other laws, while the secondary source from journal articles, textbooks, and internet sources. The paper revealed that AfCFTA happened to be one of the bold and ambitious initiatives which sought to unbundle the economic potential of African countries by eliminating tariffs and non-tariffs barriers, such as permits, licences, burdensome customs procedures to Intra-African trade, facilitate free movement of persons and investments, create a more competitive, yet sustainable environment for cross border trade and progressively liberalize trade in services. The paper further revealed, some of the benefits of AfCFTA to Nigeria, which included the elimination of tariff and non-tariff barriers will grant Nigerian businesses access to the continental market for the export of goods and services to other member states at a reduced cost, Nigeria will secure a more balanced and sustainable export base by moving away from extractive commodities, such as oil and minerals, which had traditionally accounted for most of Nigeria’s exports, manufacturers and producers will also benefit from economies of scale and have access to cheaper raw materials and intermediate inputs, improved competition in the quality of services and goods, job creation and reduction in the high employment rate and progressive liberalization of the service sectors. Despite the many advantages that Nigeria can gain from its subscription to the AfCFTA, there has been several obstacles that the Nigerian government must overcome to take full advantage of the opportunities that AfCFTA has to offer. Therefore, the paper revealed that the biggest challenge the government would face is the decline in tariff revenue because of the elimination of tariffs and duties on imported products, which had long the Nigerian government would need to strengthen its institutional capacity to ensure that all goods and services to be imported into the country comply with international standards.
Mukoro, Ejiroghene Benedicta, Esq & Chinwenwo A. Wigwe, Esq, pp 219 – 238
