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AfCFTA will boost SMEs in African regions – Shasore

By Jesutomi Akomolafe
21 September 2021   |   11:04 am
Former Lagos State Attorney General Olusupo Shasore has stated that African Continental Free Trade Area (AfCFTA) and investment protocol implementation would ensure a growth-Linkage for small business enterprises (SMEs) in Africa. AFCFTA which has been accepted by 54 countries is set to eliminate or reduce tariff and non-tariff barriers amongst the 54 Countries would provide…
Olusupo Shasore

Former Lagos State Attorney General, Mr. Olusupo Shasore

Former Lagos State Attorney General Olusupo Shasore has stated that African Continental Free Trade Area (AfCFTA) and investment protocol implementation would ensure a growth-Linkage for small business enterprises (SMEs) in Africa.

AFCFTA which has been accepted by 54 countries is set to eliminate or reduce tariff and non-tariff barriers amongst the 54 Countries would provide a single market for goods and services, facilitated by the movement of persons to deepen the economic integration and prosperity of the African continent.

Shasore, who chaired a virtual Town Hall meeting on Monday tagged “what could the forthcoming AfCFTA Investment Protocol Mean to You and Your Business”, said that achieving SMEs growth across Africa is monumental with a functional AfCFTA and investment protocols, adding that building a local resources, regional value chain which would pay off when Bilateral Investment treaties is functional, would position Africa as a leader in the trading sector.

“The Continental Investment Protocols will no doubt promote new mechanisms that will boost mobilisation of all hands for a seamless AfCFTA implementation. Public and private sector stakeholders should not stop working to ensure that projects of regional dimensions are embarked upon in order to gain more Foreign Direct Investment (FDI) in SMEs that can project the African Market to the world,” Shasore said.

An Investment and Trade Consultant at the International Trade Centre, Dev Chamroo, called for a collaboration between the public and private sectors to eliminate the challenges faced within the AfCFTA, to boost exportation l championed by SMEs in Africa.

Meanwhile, the Chief Executive Officer, Alpha African Advisory, Sanyade Okoli has called for a solution to the infrastructural and currency-difference challenges faced within AfCFTA to ease trading in the African region.