AFCFTA, International Cooperation, and Economic Development of Nigeria

Abstract

The African Continental Free Trade Area (AfCFTA) was established to promote economic integration and trade among African nations. This study assessed the contribution of AfCFTA to Nigeria’s economic development by analyzing secondary data sourced from the World Bank, the International Monetary Fund (IMF), the Central Bank of Nigeria, EconoTrend, and other relevant literature. Using descriptive statistical analysis techniques, the study examined trends in intra-African trade and its impact on Nigeria’s Gross Domestic Product (GDP). The findings indicated that although there was a notable surge in intra-African trade in 2019, coinciding with restrictions on global trade due to the COVID-19 pandemic, its long-term impact on Nigeria’s economic growth remains insignificant, considering the size of Nigeria in this huge market called Africa. Therefore, the Nigerian policymakers and the Minister of Trade need to accelerate the drive towards the actualization of the African continental free trade for the prosperity of Nigeria and other African countries. The study suggested the need for further research, extending from 1960 to the present, to provide clearer insights into the intra-African trade environment and its effects on Nigeria’s economy.

KEYWORDS:

AfCFTA, Nigeria, Intra-African trade, Economic development, GDP, Trade policy