This came during a speech read out by Kabil on behalf of President Abdel-Fatah al-Sisi during the summit of African heads of state in the Rwandan capital of Kigali.
While admitting that AfCFTA would improve intra-African trade and enhance economic growth and sustainable development, Gr. Jacobs insisted that Nigeria's national interest should however be the primary consideration in the decision to sign-on to such an arrangement.
Twenty-seven AU countries on Wednesday also agreed to a separate deal to allow for the free movement of people across the continent.
According to the African Union, the agreement would consolidate a market of 1.2 billion people and a gross domestic product of $2.5 trillion.
If fully adopted, the United Nations Economic Commission for Africa says intra-African trade can increase by 52% by 2022 when compared to 2010 trade levels.
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Leaders are poised to approve the African Continental Free Trade Area, a deal that will unite the 55 member countries of the African Union in tariff-free trade. It will also liberalise services and aims to tackle so-called "non-tariff barriers" which hamper trade between African countries, such as long delays at the border.
And while Africa's largest economies are expected to benefit most from the deal that progressively eliminates tariffs and other trade barriers, some of them worry that more people from poorer countries will migrate their way.
Jacobs noted that the OPS was not consulted before Nigeria's position was presented at the meeting of the African Union Technical Working Group in the build up to the AfCTA negotiation by Nigeria.
Regional integration "is critical to reducing the vulnerability of African economies to global shocks, a vulnerability which results from their heavy reliance on commodities", South Africa's Trade and Industry Minister, Rob Davies, wrote in an editorial last week. Specifically, given Nigeria's status as a leading member of the Islamic Development Bank, the drive for investment into Nigeria and the important steps being taken towards economic recovery in Nigeria and through the region; the timing of the conference provides a much-needed platform for opening Islamic finance to Nigeria's business community.
"The absence of plausible answers to these vital questions left us with no option than to call on the Federal Government to be cautious in making binding commitment on AfCTA", the MAN president said.
Governments now have the next six months, by September this year, to ratify the protocol.