The Chairman of the Board of Directors and Advisory Board at the Africa Private Sector Summit, Professor Kingsley Moghalu, has said that when fully implemented, the African Continental Free Trade Area would bring 30 million Africans including Nigerians out of poverty by 2035.
He made this known in a statement while speaking at the AfCFTA Joint Private Sector Session during the 2023 Afreximbank Intra-African Trade Fair in Cairo, Egypt, a report by NAN stated.
Moghalu emphasized the necessity of adopting the PSBoR as a complementary instrument alongside the Regional Economic Communities (RECs) and the African Continental Free Trade Agreement (AfCFTA) to shape the desired future for Africa.
Moghalu shared key statistics, stating that 47 out of 54 African countries had ratified the AfCFTA by August 2023. When fully implemented, the AfCFTA is expected to boost intra-African trade by 52%, lift 30 million people out of poverty, and increase the continent’s GDP by $450 billion by 2035.
What he said
According to him, the Private Sector Bill of Rights (PSBoR) is critical in fostering economic growth, combating poverty, and positioning Africa as a thriving business hub.
In outlining the interconnectedness of the PSBoR with the RECs and AfCFTA, Moghalu stressed that its adoption would contribute to thriving businesses, increased tax revenues for governments, and the sustainability of capital markets.
- “We will seek adoption by national parliaments and/or the Executive branches of government. We are walking a similar path as that which led to the successful adoption of the AfCFTA.
- “The specific rights identified in the Private Sector Bill of Rights come from the protocols of the RECs and AfCFTA.
- “The PSBoR is intended as an essential companion instrument to the AfCFTA treaty, one that domesticates the continental trade agreement inside national governments, private sector governing and coordinating entities, and in the operations of the African marketplace in reality.
- “I believe that the Private Sector Bill of Rights when adopted by African countries and alongside the RECs and AfCFTA, addresses a fundamental conundrum that has confronted post-colonial Africa for decades.”
- “Why have market-oriented economies created broad-based wealth in Europe, North America and increasingly in Asia but poverty remains high in the vast majority of African countries?
- “Breaking this jinx is the goal of the AfCFTA and the African Union’s vision 2063 – The Africa We Want,” he said.
- He attributed high poverty in the continent to the relatively low level of intra-African trade.
- “The PSBoR guarantees, amongst other rights, the right to favourable credit terms to support short, medium and long-term investment projects as well as trade credit supported by the Africa Trade Insurance.
- ” It also guarantees the right to benefit from scientific progress (innovation) and the right to local content in intellectual property,” he said
