Nigeria confirmed on Sunday that the country's instrument of ratification for the African Continental Free Trade Area (AfCFTA) has been deposited with the African Union (AU), the legal depositary of all instruments of ratification.

Nigeria on Saturday deposited the instrument of ratification of the agreement, ahead of the launch of intra-African trade that is expected to begin next month, according to an official statement from the Nigerian Ministry of Foreign Affairs.

The trade agreement provides for the creation of a single continental market for goods and services, with the free movement of businessmen and investment within the African region.

Richards Adeloja, Nigerian Representative to the AU, presented the instrument of ratification on behalf of his country. "The instrument has been deposited for the development of intra-African trade and in order to deepen integration on our beautiful continent", according to the statement.

The Nigerian government ratified its accession to the AfCFTA on November 11, ahead of the December 5 deadline for all countries to validate their adherence to the intra-African trade agreement.

On 7 July 2019, Nigeria signed the AfCFTA Agreement in Niamey during the 12th Extraordinary Session of the Assembly of the African Union. The operational phase of the AfCFTA was launched on the same day.

The effective date of entry into force of the agreement should have been July 2020, however it was postponed to 1 January 2021 due to the COVID-19 pandemic.