Tag
AFCFTA
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.
The AfCFTA has suggested that African countries have the potential to generate over $70 billion in trade activities.
The World Trade Organisation revealed that Increasing regional trade integration could promote both overall economic performance and integration into the global market beyond commodities trade.
The Secretary General of AfCFTA, Wamkele Mene has said that African countries will reduce their reliance and other Western countries by boosting intra-Africa trade.
Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent.
The South African Consulate in Lagos has called on Nigerian businesses to take advantage of South Africa’s hosting of the regional economic group, BRICS, an acronym for Brazil, Russia, India, China, and South Africa, this August.
In a policy paper released in June 2023, Dr. Ngozi Okonjo-Iweala, the Director General of the WTO, and Kristalina Georgieva, the Managing Director of the IMF, underscored the importance of increased international trade.
Costs are influenced by the barriers, as trading with trade in Africa is equivalent to a 435% tariff.
Africa should use trade as an engine for integration in global supply chains and make regional supply chains vibrant.
The International Monetary Fund has provided some insights into how African countries can use the AfCFTA to reduce climate change
Aliko Dangote has urged African countries to dismantle all economic barriers hindering free trade among the nations.
The IMF says countries in sub-Saharan Africa are at risk of losing out on key markets if geopolitical tensions continue.