The leadership of the National Assembly has pledged decisive legislative action to domesticate the African Continental Free Trade Area agreement and strengthen oversight to ensure Nigeria maximizes its economic benefits. The commitment was made in Abuja as lawmakers reiterated their resolve to align the country’s trade framework with continental standards.
Speaking on the initiative, the leadership said the domestication of the AfCFTA agreement would provide the legal backing required for its full implementation in Nigeria. They stressed that translating the continental pact into national law is critical for unlocking trade opportunities and protecting the country’s economic interests.
The African Continental Free Trade Area, which seeks to create a single market for goods and services across Africa, is designed to boost intra-African trade and reduce barriers among member states. Nigeria, as Africa’s largest economy, is expected to play a key role in the success of the agreement.
Lawmakers noted that while Nigeria is a signatory to the AfCFTA, effective participation requires robust domestic legislation and regulatory reforms. They said the National Assembly is prepared to work closely with the executive arm of government and relevant stakeholders to ensure the agreement is fully integrated into Nigeria’s legal and economic systems.
The Assembly’s leadership emphasized that stronger oversight would be applied to monitor implementation and safeguard local industries. They said ensuring that Nigerian businesses, particularly small and medium enterprises, are competitive under the AfCFTA framework is a top priority.
According to the lawmakers, proper domestication would help clarify trade rules, standards, and dispute resolution mechanisms. This, they explained, would create certainty for investors and enhance Nigeria’s ability to compete in the continental market.
They also highlighted the need to address infrastructure gaps and improve production capacity to take full advantage of expanded market access. Without these supporting measures, they warned, the benefits of the agreement could be limited.
The National Assembly further assured that its committees would intensify oversight functions to track compliance, evaluate trade performance, and identify challenges arising from implementation. Lawmakers said regular engagements with trade experts, manufacturers, and business associations would guide legislative interventions.
Officials stated that the AfCFTA presents an opportunity for Nigeria to diversify its economy beyond oil by promoting manufacturing, agriculture, and services. They added that expanding exports within Africa could strengthen foreign exchange earnings and reduce vulnerability to global shocks.
However, they acknowledged concerns from some stakeholders about potential risks, including the influx of cheaper goods that could undermine local producers. The Assembly pledged to ensure that protective measures consistent with international trade rules are considered where necessary.
The lawmakers reiterated that effective implementation of AfCFTA requires coordination among federal agencies responsible for trade, customs, standards, and industry regulation. They said legislative backing would enhance accountability and streamline operations across these institutions.
Economic analysts have observed that Nigeria’s strategic engagement with the continental trade pact could position the country as a manufacturing and logistics hub in West Africa. They noted that sustained policy support and regulatory clarity will be essential to achieving this objective.
The National Assembly leadership concluded by reaffirming its commitment to passing necessary legislation and strengthening oversight mechanisms. They expressed confidence that with the right legal framework and institutional support, Nigeria stands to gain significantly from the African Continental Free Trade Area.
