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This has led to Nigeria focusing on services trade under the AfCFTA, but to fully leverage it, Nigeria needs to invest in improving the business and export environment, attract foreign and domestic capital, and strengthen its manufacturing sector.
The commencement of the African Continental Free Trade Area (AfCFTA) agreement was announced on January 1, 2021. The AfCFTA seeks to increase intra-African trade through the liberalisation of tariffs on up to 97 percent of the goods and services produced within the continent, and the elimination of non-tariff barriers that impede trade among African countries.
