African Continental Free Trade Area (AFCFTA): The benefits to the Nigerian Economy
Department of Economic, Faculty of Social Sciences University of Port Harcourt, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 23(01), 825–828
Publication history:
Received on 13 May 2024; revised on 03 July 2024; accepted on 05 July 2024
Abstract:
One of the trade and market integration in the continent of Africa is the African Continental Free Trade Area (AfCFTA). The AfCFTA is a single-minded trade deal to form the world biggest unrestricted trade area by forming a distinct market for goods and services for the people across Africa nations. In view of the above, the paper examined the benefits of AfCFTA to the Nigerian economy with the use of library science method of research which comprises content analysis and interpretation of numerous literature on the subject matter. Based on the content analysis, the benefits of AfCFTA to the Nigerian economy include but not limited to; AfCFTA helps in poverty reduction and creation of employment, it increases imports and exports and as well give access to large market. Based on the findings, this study suggested that, Nigeria should continue to strengthen its raw materials exports and at the same time, pursue policies and programmes that would improve the comparative advantage positions of its intermediate goods, consumer goods and capital goods in export trade.
Keywords:
AfCFTA; Benefits; Consumer goods; Economy; Export trade; Library science
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