• Monday, June 17, 2024
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AfCFTA: African countries commit to increase intra-continental trade to 50% by 2030

AfCFTA failing to open single market for Africa’s 1.7bn people -Report
African nations, convened at the Africa Economic Summit 2024 in Abuja, have pledged to boost intra-continental trade from 14% to at least 50% by 2030 under the African Continental Free Trade Area (AfCFTA).

At the Summit convened in Abuja to propel the implementation of the AfCFTA, ignite economic growth across the continent, dismantle all obstacles hindering the full adoption of the agreement and elevate intra-African trade attendance top representatives of countries including Ghana, Kenya, and South Africa among others.

Sam Ohuabunwa, President, of Africa Economic Summit 2024, briefing journalists on the key resolutions from the Summit said African nations have expressed riness to to tap the opportunities in the AfCFTA significantly.

He decried that Africa currently has the lowest intercontinental trade in the world and called on African governments to increase infrastructural development, provide an attractive investment climate, and promote private-public sector collaboration to facilitate productivity, wealth creation and poverty minimisation.

He said the 3rd Africa Economic Summit was an opportunity for Africa to leverage strength and become truly competitive. “We call on all African Leaders to Preach the Concept of One Africa! One Family! One Economy,” he said.

The President also said that to enhance food security, African Nations need to adopt new schemes to resolve the challenges that currently beset agriculture including, land acquisition, access to capital and inputs and market access.

He advised Nations to adopt systems that de-risk agriculture and make it very attractive for young people and other business-minded people to participate in the Agricultural food processing and food export chain.

Other recommendations made by stakeholders at the meeting include investing in and strengthening Digital Transformation to drive Economic development.

Stakeholders at the summit agreed that internet penetration and application is Africa’s best opportunity to mobilize the energies of our active youth population and drive employment and creativity, noting that investing in digital technology infrastructure has a multifactorial impact on education, healthcare, financial inclusion and security in Africa.

They also emphasized the need to mobilize domestic and foreign investments for critical projects, minimize borrowing, and use internally generated resources.

The Summit further highlighted the need to create a conducive business environment, simplify regulations, minimize Bureaucracy, and promote entrepreneurship.

The need to consider the impact of climate change was also highlighted at the Summit. Stakeholders stressed that Africa needs to prioritize the funding and implementation of sustainable climate projects that address the unique challenges faced by the continent.

The Summit recommended that the transition plans of using Gas – CNG vehicles and electric vehicles must be given added focus.