Nigeria’s President Muhammadu Buhari has urged African countries to deepen regional integration to scale up supply chains to en- hance the continent’s economy fortunes in African Continent Free Trade Agreement (AfCFTA).Buhari made this appeal at the opening ceremony of the 9th African Shippers’ Day cele- bration. The President was represented by the Honourable Minister of State for Trans- portation, Prince Ademola Adegoroye.The President noted that as at 2017, intra- African trade in goods was $135 billion repre- senting fifteen per cent of Africa’s total trade, lamenting the sharp contrast totrade in other regions which is as high as seventy per cent within the Europe- an Union and Africa. According to him, imposition of export ban especially on food items by some countries and description of global supply chain at the height of COVID-19 pandemic showed how exposed and vulnerable African countries are because of limited productivity capacity and a lack of regional value chain.
“The global economy is a source of growth that African economies cannot afford to ignore. While African exports of goods and services have seen their fastest growth in the past dec- ade, the volume remains low at just three per cent of global trade.”
“African countries must expand and diversify their participation in international trade and global value chains to create wealth, employment and to reduce poverty on a large scale as well as transform their economies. Achieving this lofty economic objective, I believe is one of the major reasons that informed the birthing of AfCFTA.”
“AfCFTA is expected to bring about a number of benefits to producers, consum- ers and countries alike. However, AfCFTA to have a positive influence on a long- term investment in productive capacities, African countries must develop appropri- ate supporting policies, build the requisite infrastructure and ensure on educated workforce. We will need to actively pro- mote productive employment and decent workplace, women’s empowerment and food security and equality “, he said.
