Last year, Nigeria ratified its membership of the African Continental Free Trade Area (AfCFTA). The agreement’s ratification provided formal consent for the trade deal, allowing Nigeria to implement the necessary laws for a free trade agreement.
International trade is an essential lever for economic growth that has lifted over a billion people from poverty in the last 30 years. By definition, a developing country does not have enough resources, so to escape underdevelopment, they can engage the rest of the more prosperous world.
China is a good example.
As Tokunbo, our editor-in-chief, perfectly put it, their journey to success went something like this: “Hi world, nobody here can afford to buy many items, so how about we make some stuff, and you guys pay us for it?” We replied “yes”, and today, China sells over $2 trillion worth of goods to the world every year.
Chinese exports rose from $25