Kingsley Moghalu, the Chairman of the Board of Directors and Advisory Board of the Africa Private Sector Summit (APSS) has thrown his weight behind the Kenya free visa policy, saying that its policy introduction and implementation are part of the APSS key recommendations to unlock the immense trade and economic potential of the continent.
Moghalu, a former Deputy Governor of the Central Bank of Nigeria, made this remark on Thursday when he shed more light on the topic “How to Build an Enabling Business Environment for Trade and Investment in Africa” as a special guest on the Politics Today programme on Channels Television.
When asked about the impact the policy by the Kenyan government would have on continental trade, he said, “Great things if it is actually implemented. Among the 24 specific rights we are asking African leaders to sign on to and implement as a practice is the right to visa-free travel across the continent.”
Earlier in their conversation, the APSS chairman highlighted the economic potential of the African continent if the environment is friendly to the private sector, claiming that it could reach $500 billion by 2035 and take more than 30 million people out of poverty by that same time.
He, however, urged the continent’s political leaders to devote a lot of resources to securing lives and properties. He stated that only through improved security can the private sector meet its full potential.
“We are also requesting African leaders to understand that the private sector needs to be guaranteed a right to a secure and stable environment,” he said. “So, security is number one, so without an environment that is secure and stable, businesses will not be able to strive.”
He made references to the spate of killings happening across Nigeria, a situation that has and will continue to drive away investment and business growth in the nation.
He said, “These are very honest, disabling situations for people to do business. So, the right to security, the right to visa-free travel, and the right to a legal-free system where contracts are sanctified and cannot be treated anyhow.
“The right to efficient importation and port administration. The right to infrastructure, the right to an educational system that creates the skills that the private sector needs on our continent of Africa. To create and drive up our fourth industrial revolution…
“If you have a consultative relationship with the private sector, this will go better.”
