Buhari decries low-level trade among African countries

The event was organized by Afreximbank in collaboration with the Secretariat of AfCFTA and the Nigeria Governors Forum.

Therefore, the President said that the African Continental Free Trade Area (AFCFTA) will be successful only if African governments demonstrate a high level of commitment to tackling the slow pace of physical integration, political cooperation and tariff barriers that impede trade integration.

“As leaders, we should all be concerned that we are not doing enough business amongst ourselves.

“It is a bitter truth that intra-regional trade is still a very small fraction of the total trade in Africa.

“We have to understand that if this new drive towards a continental free trade area is to be successful, we must demonstrate a high level of commitment.

“This is to deal with the slow pace of physical integration caused by geographic and political fragmentation, the pace of political cooperation, and the tough tariff and non-tariff barriers that prevent trade integration.

“I am firmly convinced that with the right collaborative action, we will be able to record a very strong pace of change.

“Through shared knowledge, innovation and creativity, we will be able to meet the needs of the African continent’s population of over 1.4 billion people,” They said

He urged the conference to use the network and support provided by pan-African institutions as a platform for the exchange of ideas, knowledge and skills.

He added that the conference should continue to seek and advance innovative solutions to support our shared quest to expand intra-Africa business opportunities for our people.

The Nigerian leader commended the organizers of the conference for showcasing innovative thinking by taking AfCFTA to the grassroots level.

He asked the President of Afreximbank, Prof. Benedict Orama and his team.

They acknowledged that the Afrexibank-led initiative was aimed at firmly establishing and deepening the intra-continental trade investment development frontier for Africa.

It will also help reduce the continent’s dependence on exports of primary goods, as well as the risks experienced due to strong dependence on global value chains.

“This opportunity, if harnessed properly, is an important step for Africa to start carving its place in the global value chain from constituent units.

“This will undoubtedly complement broader programs such as the AfCFTA which is one of the most strategic pan-African agendas to deliver inclusive and sustainable development,” They said.

The President also recognized the support of the Secretariat of the AfCFTA in organizing the conference in Abuja and the role of its Secretary-General, Wamkele Mene.

They underlined the important role of the African Union Commission for the development of Africa and expressed happiness that this initiative compliments the AU’s vision of achieving the 2063 Agenda -‘‘The Africa We Want’.

Therefore, he assured the participants of the full support and cooperation of the Nigerian Government in the implementation of the programme.

Buhari also commended the outgoing President of the Forum of Governors of Nigeria and Ekiti State Governor, Kayode Femi, who has recently emerged as the President of the Forum of Regions in Africa, for adopting this initiative.

He also saluted them for being at the forefront of sharing and exploring opportunities to improve production and trade facilitation activities with their peers in the region.

The president, who told the conference he was in his second and final term in office, used the occasion to reflect on the challenges the continent has faced since taking office in 2015.

“Overall, we remain particularly resilient.

“Together, we have faced many challenges, from the collapse in commodity prices in mid-2014 to 2016 and again in 2020, to the COVID-19 pandemic;

“To the deteriorating effects of climate change, drought, food insecurity and depletion of our ecological reserves, and of course our fight against violent extremism and terrorism.

“In this regard, in May this year, at the African Union Extraordinary Summit in Malabo, I supported the recommendation of the AU Commission to establish a standby force on terrorism on the continent.

“As leaders, we must invoke the necessary political will for development.

“We must coordinate, gather intelligence and bring more urgency to our collective efforts to guarantee peace and prosperity on our continent.

“Therefore, we must step up our efforts in our fight against cybercrime, money laundering, drug and arms smuggling, trafficking in persons and reckless destruction of our precious wildlife.

“These and many more we must do to provide a safe and productive environment for all,” They said.

Gov. Kayod Fayemi Ekiti’s Minister of Industry, Trade and Investment, Adeniy Adebayo and Chairman and Chairman of the Board of Directors, Afraximbank, Prof. Benedict Ormah gave goodwill messages at the event.

They welcomed the need for deliberate action to address Africa’s continued dependence on external trading partners, noting that the AfCFTA provides the platform to do so.

Promising Afraxibank’s commitment, Prof Orama said the bank has disbursed more than $20 billion over five years to 2021 in support of intra-African trade and is on track to double it to $40 billion in the next five years. is on.

“We have supported the AfCFTA Secretariat through existing funding; launched in collaboration with the AfCFTA Secretariat and the AU Commission, the Pan-African Payment and Settlement System (PAPSS) to support payments for intra-Africa trade in African currencies to be done.

“There is a $3 billion facility available for clearing and settlement for the system’s continent-wide operation;

“We have also launched the African Collaborative Transit Guarantee Scheme to make goods easier to cross across borders.” They said.