If implemented fully, the trade pact could boost regional income by seven per cent or $450 billion, speed up wage growth for women, and lift 30 million people out of extreme poverty by 2035. Nigeria TradeAgreement AfCFTA
that the African Continental Free Trade Area , represents a major opportunity for countries to boost growth, reduce poverty, and broaden economic inclusion.
The AfCFTA agreement is expected to create the largest free trade area in the world measured by the number of countries participating. The pact connects 1.3 billion people across 55 countries with a combined gross domestic product valued at $3.4 trillion. The pandemic has already caused major disruptions to trade across the continent, including in critical goods such as medical supplies and food.
The World Bank noted that successful implementation of AfCFTA would help cushion the negative effects of COVID-19 on economic growth by supporting regional trade and value chains through the reduction of trade costs. “The AfCFTA is expected to lift around 68 million people out of moderate poverty and make African countries more competitive. But successful implementation will be key, including careful monitoring of impacts on all workers – women and men, skilled and unskilled – across all countries and sectors, ensuring the agreement’s full benefit,” he added.
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