Abstract
The African Continental Free Trade Area (AfCFTA) offers prospect for Nigeria to attracts foreign investment and encourage all-inclusive socio-economic transformation for the overall development of the country. The fluctuations in the global production value chain supports the expansion of small and medium enterprises (SME), business groups and the formation of private-public-partnerships (PPP) to pull capitals for funding the processes of Nigeria’s economic development through investment. However, five years after the commencement of the AfCFTA Agreement, Nigeria is yet to yield considerable benefit from the process. This article examined the legal and institutional framework of the AfCFTA Agreement in attracting foreign investment to Nigeria. The article adopted the doctrinal research methodology and underscores the need for a comprehensive supranational legal norm that would foster investment regime that aligns with Nigeria’s growing needs. It argues that with the challenges ranging from complex legal framework, policy and institutional inconsistencies, infrastructural deficiencies, digital abuses, insecurity and political instability, language barriers, lack of political will to single currency, as well as designated integration confronting Nigeria, attaining these lofty objectives is a road too long to traverse. The article also argues that legal and institutional reforms as well as enhanced local manufacturing process that would further the capacity of Nigeria’s investors to favourably compete in local market and facilitate their access to regional and international markets are necessary. It concludes that though it is too early to quantify the outcomes of the AfCFTA Agreement, the future of Nigeria’s investment climate certainly looks promising.
Keywords:Analysis, AfCFTA, Agreement, Facilitating, Foreign Investment, Nigeria.