Former President of the Federal Republic of Nigeria, and chairman of Intra African Trade Fair( IATF) Olusegun Obasanjo has called for a bold, decisive and innovative leadership to achieve African dream of coordinated economy in terms of trade and investment.
Obasanjo spoke yesterday, at the signing of host agreement for the third edition of the IATF slated for 21 to 27th November 2023 at Abijan, Cote d’ivoire.
The agreement was between Côte d’Ivoire , African Export Import Bank (Afreximbank), the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat.
It follows the resounding successful second edition held in November 2021 in Durban, South Africa, and realised over $42.1 billion in trade and investment deals, with 1501 exhibitors and over 32,500 attendees from 128 countries across Africa and beyond.
Obasanjo decried Africa’s share of global trade which remains low at three per cent and volume of trade among Africans currently put at 16-18 per cent.
He stated that the remaining 84 per cent trade consummated outside the shores of African has continued to impede the continent’s trade growth.
“There volume of trade among Africans themselves is about 16-18 per cent of the total African trade . This means that we are trading 84 per cent with outsiders rather than with fellow Africans. This is a huge opportunity cost to the African continent.”
However, he expressed confidence that with continental integration in terms of trade and investment as well as the networking opportunities that IATF offers, the continent would begin to dismantle the well-laid colonial structures that have disintegrated Africa for close to a century.
According to him, the trade fair, which is one of the initiatives designed to support the implementation of the African Continental Free Trade Agreement (AfCFTA) and the African free trade areas provides an opportunity for the continent to achieve economic liberation and independence to build the ‘African of our dream’.
“Analytical work which was done by Afrexim bank showed that the main reason intra African trade remained low is the lack of access to trade and market information.
“Traders and businesses lack knowledge of what each African country is producing and the trade and investment opportunity that exist in each African countries.”
He urged business communities across the continent to connect with the opportunity that the IAFT 2023 would present to conclude business deals that would grow their economies.
“Signing of the 2023 hosting agreement today is a confirmation and reaffirmation that the 3rd edition of the IATF will hold here in Abijan from 21 to 27 November 2023 .
It presents an opportunity for business community across the continent to connect with each other and conclude business deals and in attaining the goals of bringing Africans together to transact in a common market place .
” I invite Africa and the world to IATF 2023 as we work towards building an integrated and prosperous Africa,” he said.
President and Chairman, Board of Directors Afreximbank, Professor Benedict Oramah has IATF has become a platform for actualising the vision of the African continental Free Trade Agreement.
According to him, the combine $75 billion of deals sealed during the two IATFs, are reminders of the abundant intra-African trade and investment potentials also representing the remarkable trade and investment arrangements that wouldn’t have seen the light of
day if not for the fair.
He said trade fairs have proven that Africans ‘Can’, as it has become a platform for actualising the vision of the African Continental Free Trade Agreement (AfCFTA).
He also stated that the initiative has opened up new trade routes, rapidly expanding knowledge of the continent’s trading environment and exposing the continent’s cultural heritage.
