‘’It’s opportunity to promote inter-regional trade’

Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, yesterday described the victory of Trump as a great opportunity for African states to promote inter-regional trading.

Enelamah, who spoke at the launch of a book, “Foundations of Structured Trade Finance,” authored by the Chairman and Chief Executive Officer of Afreximbank, Dr. Benedict Oramah, in Lagos, said African countries should more than before look inward for solutions to their problems.

“We need to trade among ourselves as Africans because over 60 per cent of trade in Africa is done outside the continent,” he stated.

Enelamah, who stressed that his ministry was working with the Nigerian Export Promotion Council (NEPC) to ensure that Nigerian products are of quality and of global standard, urged Africans to rely on African instruments like the Afreximbank to solve their problems and encourage production of commodities, which are more resilient to withstand external shocks.

Besides, President/Chief Executive Officer, Dangote Industries Limited, Mr. Aliko Dangote, said that regional market was not only working; Africans are also the ones making inter-trade difficult for themselves.

According to him, for Africa’s regional market to work before going to European Union (EU), there was need for infrastructural development in the region.

Also, a former Governor of Cross Rivers State, Donald Duke, called for the creation of free-trade zones in Africa to ensure that no duties are paid as well as the development of infrastructure for trade.

He stressed that with the proliferation of banks on the continent, there was need for Africans to work out a mechanism for acceptance of their currencies among member-states.

Prof. Pat Utomi of the Lagos Business School said all that was required was political will for Africans to ensure common tariff structures in our borders.

He said that a lack of political will had robbed the continent of her immense potentials for greatness.

Other dignitaries at the book launch included former Vice President Namadi Sambo, Dr. Seun Obasanjo, who represented former President Olusegun Obasanjo, former Anambra State Governor Peter Obi, and Chairman, Tony Elumelu Foundation, Tony Elumelu, among others.