Emerging Opportunities For Enhancing Intra-African Trade Through AfCFTA

Monday, February 17, 2020 / 2:29 PM /Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

As the African region prepares to fullyimplement the ratifications of the Continental Free Trade Agreement, AfCFTAsigned by over 50 African countries, business leaders, industrialists andfinancial market players recently explored the opportunities for enhancingIntra-African trade.

This was under the auspices of the 2020edition of the Centre for Values and Leadership annual symposium which focusedon the theme "Intra-African Trade: Growth and Economic Development".

The robust panel session was an avenue forthe discussants to identify and address critical issues that must be consideredas Africa adopts the AfCFTA.

Dr. Akin Ogunbiyi, the Chairman of MutualBenefits Insurance Plc, making his contribution advocated for a "Pan-AfricanInsurance Market" that is flexible and can help to galvanize a vibrantcontinental insurance industry.

At the moment he noted that 75% ofindustrial premiums in the continent are managed by European and Americaninsurance companies, which should be a challenge for the African insurancebusiness.

He called on development agencies andinstitutions like the African Development Bank (AfDB) and the AfricanExport-Import Bank (Afrexim) to leverage the regional blocs and supportIntra-African trade.

The Group Managing Director of FBNHoldings Mr. U.K. Eke on his part believed that an efficient and free marketeconomy was critical for Africa.

He said an enabling environment must becreated in Africa, for private capital to flow and drive development and growthof the region.

Mr. Eke was of the view that Africangovernments must ensure that they push policies that enable inclusive economicgrowth in their respective countries.

Chairman, Brittania-U Mrs. Uju Ifejikastressed the need for an integrated infrastructure network in the region, thatwill strengthen connectivity and improve logistics for the seamless movement ofgoods and services when the AfCFTA commences.

She also tasked African governments onguaranteeing the security and safety of people and assets on the continent.

According to her there is need for policyconsistency in African that would encourage investments into the continentthrough the AfCFTA.

As a major investor in the region's oiland gas sector Mrs. Ifejika emphasized the need for all the trade, governanceand conventional protocols to be respected by African leaders. This in Mrs.Ifejika's view would improve investor confidence in the continent.

For the South African Consul-General toNigeria, Mr. Darkey Africa, the decade 2020-2030 is a golden one for thecontinent, and charged the political and business leaders to explore all theangles for addressing social, economic and political issues.

He said the Unity of Africa was criticalwhile identifying women and youth empowerment, as major investments thatgovernments should give top priority.

The Vice-Chairman of the African BusinessRoundtable, Mr. Goodie Ibru, in his speech alluded to the growing consensusthat Africa's time to advance in the areas of business and trade has come.

Mr. Ibru said Africa must stop the era ofreceiving aids and grants, and push for partnerships that will bringdevelopment to the region.