The benefits of AfCFTA to the Nigerian economy include:

Updated: Dec 3, 2021

  • Larger market access, free movement of labor, goods, services and capital.

  • The AfCFTA Agreement will motivate Nigerian SMEs to expand their businesses to other African countries.

  • Foster business growth and increase profit as well as contribute substantially to the development of the manufacturing sector.

  • Increase in job opportunities and the demand for labor, thus reducing unemployment.

  • Create an opportunity for Nigerian professionals to seek employment in other African countries.

  • Overall, the AfCFTA Agreement is projected to create over 13 million stable jobs.

  • Increase export of commodities (particularly agricultural and other non-oil commodities), manufactured products as well as services.

  • Increase GDP and contribute significantly to external reserves accretion.

  • A likely influx of FDI into the country.

  • On one hand, manufacturers are likely to set up their plants and hubs in Nigeria to take advantage of the large market.

  • On the other hand, the opening of the economy to foreign companies will increase the number of companies listed on the Nigerian Stock Exchange,

  • This will boost the performance of the capital market and attract foreign and domestic investors.

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