THE AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA) IN THE POST COVID-19 ERA: Perspectives and Implications for Nigeria
- Olanrewaju Olaniyan
- ( paper pages. 301 - 321 )
Abstract
The African Continental Free Trade Area (AfCFTA) seeks to
improve trade relations among African countries by removing
bottlenecks to trade activities. Ratification by the various members
and the full implementation of the provisions of the Agreement have
dragged due to the emergence of the COVID-19 pandemic as
countries shift attention and resources towards battling the
pandemic. This paper examined the implication of the COVID-19
pandemic for AfCFTA as well as the prospects for the Agreement in
the post-COVID period. Using descriptive analysis, the study
showed that intra-African trade is very low, as countries import
from and export more to partners outside the region than those on
the continent. Also, the leading exporters to African markets are the
most hit and more affected by the COVID-19 pandemic than the
African importing countries. The pandemic has highlighted the need
for self-sufficiency among African countries and an urgent need to
create a market for goods and services produced within the
continent. This will reduce the continent’s reliance on its non-African trading partners. Individual countries therefore need a
boosting package in a time of crisis and instruments of trade such
as the AfCFTA to speed up the recovery of the economy
Citation
Olanrewaju Olaniyan.
2021.
"THE AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA) IN THE POST COVID-19 ERA: Perspectives and Implications for Nigeria"
The Nigerian Journal of Economic and Social Studies,
63 (3): 301 - 321.
JEL Classification
I18, F13
