The African free trade agreement (AfCFTA) is a historic trade agreement signed on March 21, 2018, that seeks to create a single market for goods and services in Africa. The agreement was signed by 44 countries belonging to the African Union (AU), including the most populous country in Africa, Nigeria.

The aim of the AfCFTA is to boost intra-African trade, increase economic growth, and ultimately lift millions of Africans out of poverty. According to the United Nations Conference on Trade and Development (UNCTAD), the AfCFTA could increase intra-African trade by 52.3% by 2022.

The agreement eliminates tariffs on 90% of goods traded between member countries, with the remaining 10% to be phased out over the next decade. While the agreement is still in the implementation phase, it has the potential to create a market of 1.2 billion people with a combined GDP of over $2.5 trillion.

The AfCFTA has been hailed as a game-changer for Africa`s economic growth and development. By reducing trade barriers and creating a single market, the agreement will allow African countries to trade more with each other, boosting productivity and increasing competition.

However, there are concerns that the agreement could have negative effects on some African countries, particularly those that rely heavily on oil and natural resources. Some countries have also expressed concerns over the potential influx of cheap goods from other African countries.

Additionally, the COVID-19 pandemic has disrupted the implementation of the AfCFTA. Many countries have had to divert resources to deal with the pandemic and its economic aftermath, which has slowed down the implementation of the agreement.

Despite these challenges, the AfCFTA remains a landmark achievement for Africa. As the world becomes increasingly interconnected, the agreement will allow African countries to take advantage of globalization and become more competitive on the world stage.

In conclusion, the African free trade agreement is a significant step towards accelerating Africa`s economic development. While challenges exist, the agreement presents enormous opportunities for African countries to create more wealth and employment opportunities for their people.