At a summit last week in the Rwandan capital of Kigali, the leaders of 44 African countries signed a deal creating one of the world's largest free trade blocs.
The African Continental Free Trade Area (CFTA), which could come into force within six months, would affect 1.2bn Africans, removing barriers to trade, including tariffs and import quotas, and allowing the free flow of goods and services between members.
The aim, according to a report in the BBC, is to boost commerce, growth and employment on the continent. Trade between African countries remains low, accounting for just 10 per cent of trade.
However, ten countries, including Nigeria, have refused to sign the deal, which requires ratification by all signatories' national parliaments before the bloc can become a reality.
Moussa Faki Mahamat, president of the African Union Commission, described the development as a 'glorious challenge, which calls for the courage to believe, the courage to dare, the courage to achieve'.
According to the African Union, there are hopes that those countries with reservations about the bloc, above all Nigeria, will be persuaded to sign at a later date.
Assuming that happens, the bloc will boast a population of around 1.7bn and over US$6.7tr of cumulative consumer and business spending by 2030, according to Quartz Africa.
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