The United Nations Industrial Development Organisation (UNIDO) says the African Continental Free Trade Area (AfCFTA) offers Nigeria and the rest of Africa a golden opportunity to make optimal use of the regional market, develop local and regional value chains to produce products that meet international standards.
Speaking at the 2019 Africa Industrialisation Day on November 21, LI Yong, director general, UNIDO, said the AfCFTA provides a platform and a new impetus to continent’s industrialisation agenda through increased intra-African trade.
UNIDO DG’s speech was read by Jean Bakole, UNIDO representative to ECOWAS and regional director, Nigeria Regional Office Hub.
The 2019 Africa Industrialization Day (AID) was organised in Calabar by UNIDO, in partnership with the Federal Ministry of Industry and Investment, and supported by the Cross Rivers State Government, and the Embassy of the People’s Republic of China in Nigeria.
The event reaffirms UNIDO’s support towards Nigeria industrialisation drive.
Yong said by strengthening country-specific and regional comparative advantages in terms of resources, information, knowledge, skills and institutions, Africa can emerge as a strong industrial power in the near future.
“Regional cooperation within the framework of AfCFTA can exploit the huge reservoir of potential resources to create sustainable industrial development as an effective means of fostering transformative change towards greater manufacturing value added and regional integration,” he said.
He further said that continuous improvement of products and production systems, maintenance of price competitiveness, identification of niche products, exploitation of comparative advantages and turning them into competitive advantage, as well as re-training of workers while applying ICT and digital technologies are possible policy options open for Nigeria and the rest of Africa.
He said the Fourth Industrial Revolution would play a major role as digitisation offers opportunities to African countries in terms of facilitation of trade and private sector investment to foster growth and create jobs.
The AfCFTA seeks to liberalise trade among African countries. It is targeted at a ‘borderless’ Africa, with an eye on a single market for goods and services on the continent.
Otunba Niyi Adebayo, minister, Industry, Trade and Investments, called for increased intra-African trade to reduce the continent’s vulnerability to external macroeconomic shocks and protectionist trade policies.
“If Africa is to fulfil its potential of diversifying and transforming its economies through the AfCFTA, African countries must begin the work of implementing strategies for exports, diversification, industrialisation, and value chain development,” he said.
“The road ahead to realising these opportunities are tough and challenging but we have no choice but to tackle them head on. On our part, the Nigerian Government is committed to resolving the constraints which remain in our business environment,” Adebayo stated.
Ben Ayade, Cross River State governor, said: “On behalf of the good people of Cross River State, said: “I want to thank the minister of Industry and Industry, Trade and Investment , and UNIDO for hosting the 2019 Africa Industrialisation Day in Cross River State, in recognition of our ongoing efforts towards industrialising our state. Also, I want to commend UNIDO for being a reliable partner in supporting Nigeria and also Cross River State towards achieving Inclusive and Sustainable Industrial Development.”
ODINAKA ANUDU
