AfDB’s Vice President for Economic Governance and Knowledge Management, Prof. Kevin Urama, made the call recently, noting that despite billions of dollars in investments from international organisations, such as the World Bank and AfDB, poverty levels had remained high, and structural transformation had continued to lag across Africa.
Urama, who also serves as AfDB’s Chief Economist, identified inflation, currency volatility, debt sustainability and food and energy insecurity as some of the continent’s pressing issues.
According to him, the global economic system often put African economies in disadvantage, necessitating a reassessment of the continent’s reliance on foreign solutions.
He called for policies that focus on adding values to Africa’s natural resources locally instead of exporting raw materials, a practice rooted in the continent’s colonial past.
He further highlighted the need for local content policies, franchising and preferred procurement strategies to attract capital and build industries within Africa.
He also noted that industrialisation in Africa would create jobs, boost technological innovation and provide significant economic benefits to both the continent and international investors.
SIMILARLY, trade experts have said exporting products will save millions of dollars under the African Continental Free Trade Area (AfCFTA).
Senior Trade Expert and Lead, Trade Enablement, Nigeria AfCFTA Coordination Office, Olusegun Olutayo, explained that businesses within the African market could benefit from AfCFTA by paying reduced or zero tariffs.
He spoke at AfCFTA Awareness and Sensitisation webinar organised by Bashir Adeniyi Centre for International Trade and Investment (BACITI) of The Nigerian Institute of International Affairs (NIIA).
Stating that in other climes, regional unions use their regional trade to galvanise their country economy, thereby facilitating ease of trade, Olutayo explained that AfCFTA was about a single market for the entire Africa, which would help to change the import-based economy in the region.
AfCFTA Specialist Partner and Head, Africa Trade Practice Group, DealHQ Partners, Omobola Adekola, said under trade and services in AfCFTA, the objectives were to provide liberal markets, remove or reduce barriers and encourage domestic and foreign investment to enhance competitiveness of services through economics of scale, reduce business cost. among others in trade and services.
