Lagos, Nigeria (CNN Business) Nigeria has signed the Africa Continental Free Trade Agreement (AfCFTA) which aims to increase trade between African countries.

Muhammadu Buhari, the country's president, signed the free trade agreement at the Summit of the African Union in Niger on Sunday.

In a statement posted on the official twitter account of the presidency, Nigeria stressed its full support for free trade across the continent.

"Let me state unequivocally that trade is important for us as a nation and to all nations. Economic progress is what makes the world go around. Our position is very simple, we support free trade as long as it is fair and conducted on an equitable basis," read the statement from President Buhari.

Nigeria will sign the #AfCFTA Agreement at the upcoming Extraordinary Summit of the African Union in Niamey, Niger.



Recall that the Pres. Cttee on the Impact & Readiness Assessment of the Agreement Establishing the AfCFTA submitted its Report to Pres @MBuhari Thur June 27, 2019. — Presidency Nigeria (@NGRPresident) July 2, 2019

The AfCFTA came into force in May after clearing a key procedural hurdle and being ratified by the parliaments of 24 countries.