Nigeria’s President, Muhammadu Buhari has urged African countries to enhance international trade by expanding their participation to benefit the African Continental Free Trade Agreement (AfCFTA).
He stated this during the ninth African Shippers’ Day themed: “African Continental Free Trade Agreement: A Veritable Platform for African Shippers to Mainstream into Global Trade,” which was held in Lagos state.
Represented by the Minister of State for Transportation, Ademola Adegoroye, the President explained that the participation of African countries in international trade would create wealth, generate employment and reduce poverty.
He noted that the volume of African export in the global trade was still very low at three per cent in spite of the growth in the continent.
On the AfCFTA, President Buhari said the experience during the outbreak of the COVID-19 pandemic and the global lockdown showed the need for a vibrant and successful AfCFTA.
He expressed optimism that the African Continental Free Trade Agreement would boost intra-African trade, strengthen the production and export of goods and services as well as create employment opportunities.
The President said that African producers would benefit from access to cheaper inputs, intermediate goods as well as larger markets for their products, while consumers would have access to cheaper goods and varieties of products.
He however noted that for the AfCFTA to have a positive influence on long-term investments, African Governments must develop appropriate policies, build the requisite infrastructure and ensure an educated workforce.
“We will need to actively promote productive employment and decent work, women empowerment and food security and reduction in inequalities,” he added.
PIAK
