Egypt Hands Over AfCFTA Ministerial Council Presidency to Nigeria at 18th Meeting in Abuja
Dr. Mohamed Farid Saleh, Minister of Investment and Foreign Trade, participated in the 18th meeting of the African Continental Free Trade Area (AfCFTA) Council of Ministers, hosted in the Nigerian capital, Abuja. The event was attended by trade and investment ministers from state parties, secretariat officials, and representatives of regional African institutions.
The meeting featured the official handover ceremony of the AfCFTA Ministerial Council presidency from Egypt to the Federal Republic of Nigeria. In accordance with the agreement's regional rotation mechanism, Dr. Farid formally transferred the leadership to Dr. Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment.
During the handover, the Egyptian Minister congratulated Nigeria on assuming the presidency, wishing the nation success in guiding the next phase of African economic integration. He reaffirmed Egypt’s readiness to provide full support to the Nigerian presidency and to build upon the progress made during Egypt's tenure to accelerate the agreement's implementation.
The AfCFTA Framework The AfCFTA is the world's largest free trade area by the number of participating countries, encompassing 54 African nations. It aims to establish a single market that promotes trade and investment, eliminates trade barriers, and boosts the competitiveness of African economies, further integrating them into global and regional value chains. The agreement also represents a strategic opportunity for Egypt to increase its exports, attract investments, and expand its private sector footprint in African markets.
Highlighting Egypt's achievements during its presidency, Dr. Farid noted the successful advancement of technical and institutional negotiations. A major milestone was reaching an African consensus on the rules of origin for the ready-made garments, textiles, and automotive sectors—files that had been under negotiation for over four years. A transitional implementation mechanism was unanimously approved, marking a critical step toward the full application of the agreement and the enhancement of intra-African trade.