THE VULNERABILITY OF NIGERIAN ECONOMY AND THE AFRICAN CONTINENTAL FREE TRADE AREA AGREEMENT PROTOCOL ON FREE MOVEMENT OF PEOPLE AND GOODS: AN EXPOSITION

The foregoing, this study investigated the vulnerability of Nigerian economy and the African continental free trade area agreement protocol on free movement of people and goods. The study was qualitative in nature as data was gotten from secondary sources of textbooks, the Internet, library, magazine, newspaper, while the theory of neo-functionalism which is an important component parts of the broad theory of integration were adopted as the framework of analysis. The study established that the Nigerian economy is vulnerable to the African Continental Free Trade Area Agreement on free movement of people and goods. The study recommends among other things that: there is need for Nigeria to incorporate the collaboration and initiatives of both the private and public sectors to invest in cross-border infrastructure of the country which will help in closing up Nigeria’s physical infrastructure gap which already requires a huge capital investment as well as the revenue losses in smuggling, dumping and illicit trade flows. Nigeria has to ensure strict implementation of the removal of non-tariff barriers, promote the convergence on regulatory measures, and encourage greater trade facilitation among the participating states. The African Union is encouraged to entrench a rule-based economic governance structure and improve their institutional capacities to promptly settle possible trade dispute that would arise from the implementation of the AfCFTA as well as address issues of unfair trade practices.