Nigeria-China Currency Deal Raises Concerns Over AfCFTA Participation

Nigeria's new currency deal with China could undermine the African Continental Free Trade Area (AfCFTA) by creating an uneven playing field for African countries. The agreement, which allows Nigerian businesses to pay Chinese prices using yuan, has raised concerns among AfCFTA advocates.

A coalition of experts under the Sea Empowerment Research Centre has expressed concerns that a proposed currency swap deal between Nigeria and China could jeopardize the country's commitment to the African Continental Free Trade Area (AfCFTA) agreement. The deal, which would allow for mutual trade without tariffs or other barriers, poses several challenges to Nigeria's active participation in AfCFTA, according to the group. The experts warn that such a partnership with China could lead to favoritism towards Chinese businesses and undermine the benefits of AfCFTA, including increased economic integration and cooperation among African nations.