Leaders of African Union (AU) member states met in , Niger's capital, for an AU summit where on Sunday Presidents of and of signed the (AfCFTA) agreement. Map of AfCFTA agreement. Dark green countries have ratified the agreement, while those in light green have signed the agreement but their governments have not yet ratified. Nigeria previously announced it planned to join the AfCFTA in the week leading up to the summit. AU trade and industry commissioner Albert Muchanga announced Benin was to join. The commissioner said, "We haven't yet agreed on rules of origin and tariff con[c]essions, but the framework we have is enough to start trading on July 1, 2020". At the opening of the AU summit, AU chairperson President  of Egypt said, "The success of the AfCFTA will be the real test to achieve the economic growth that will turn our people's dream of welfare and quality of life into a reality". While many transactions in Africa occur using or , the AU announced an electronic pan-African payment system. president Okey Oramah said the use of third-party currencies "costs Africa between $5 and $7 billion," further saying, "Beyond that, it also reduces trade because Africa has a scarcity of foreign exchange." There are reportedly 1.3 billion people in the free trade area, with the combined economies of the countries worth US$3.4 trillion. One of the stated goals of AfCFTA is to encourage more intra-Africa trade. Currently about 16–17 percent of African trade occurs between African countries. This is in contrast to the  members, where intra-European trade accounts for over 60 percent of trade. The  said in May the AfCFTA might be for African countries comparable to the European and North American trade blocs as an "economic game changer".
Leaders of African Union (AU) member states met in , Niger's capital, for an AU summit where on Sunday Presidents Muhammadu Buhari of Nigeria and of Benin signed the (AfCFTA) agreement. Map of AfCFTA agreement. Dark green countries have ratified the agreement, while those in light green have signed the agreement but their governments have not yet ratified. Nigeria previously announced it planned to join the AfCFTA in the week leading up to the summit. AU trade and industry commissioner Albert Muchanga announced Benin was to join. The commissioner said, "We haven't yet agreed on rules of origin and tariff con[c]essions, but the framework we have is enough to start trading on July 1, 2020". At the opening of the AU summit, AU chairperson President Abdel Fattah el-Sisi of Egypt said, "The success of the AfCFTA will be the real test to achieve the economic growth that will turn our people's dream of welfare and quality of life into a reality". While many transactions in Africa occur using U.S. dollars or euros , the AU announced an electronic pan-African payment system. president Okey Oramah said the use of third-party currencies "costs Africa between $5 and $7 billion," further saying, "Beyond that, it also reduces trade because Africa has a scarcity of foreign exchange." There are reportedly 1.3 billion people in the free trade area, with the combined economies of the countries worth US$3.4 trillion. One of the stated goals of AfCFTA is to encourage more intra-Africa trade. Currently about 16–17 percent of African trade occurs between African countries. This is in contrast to the European Union members, where intra-European trade accounts for over 60 percent of trade. The International Monetary Fund said in May the AfCFTA might be for African countries comparable to the European and North American trade blocs as an "economic game changer".
R
of and of
Muhammadu Buhari of Nigeria and of Benin
A
Abdel Fattah el-Sisi
R
or
U.S. dollars or euros
A
European Union
A
International Monetary Fund