AfCFTA: Intra-Africa trade may hit $35bn — Shippers’ Council boss vanguardngr.com vanguardnews
EXECUTIVE Secretary/CEO of the Nigerian Shippers’ Council, NSC, Barr. Hassan Bello, has said that intra-African trade stands the chance of rising by as much as $35billion per annum if the African Continental Free Trade Agreement, AfCFTA, is properly implemented.He also stated that the continental agreement would be able to reduce foreign imports by as much as $10billion per annum, with African agricultural and industrial exports rising between $4billion and $21billion above baseline.
In aggregate capacity expansion, Bello said AfCFTA will also be able to grow small and medium size enterprises by 80 percent, using continental regional markets to make inroads into markets outside Africa. Director General of the Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside, however, warned that Nigeria must be willing to deepen her backward integration economic policies and adopt the best methods to identify her comparative advantages in the continental pool of basket of opportunities to be able to optimize benefits inherent in AfCFTA.
He said AfCFTA, being a continental agreement, is expected to ride on additional complementary initiatives such as protocol on free movement of persons, right to residence and establishment of business in any part of Africa, and the Single African Air Transport Market, SAAATM.
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AfCFTA can raise $35bn annually if implemented – Daily TrustThe Executive Secretary and Chief Executive Officer of the Nigerian Shippers Council (NCS), Barr. Hassan Bello has said the recently signed African Continental Free Trade Agreement (AfCFTA) would increase intra-African trade by $35 billion per year or 52% above the baseline by 2022, if successfully implemented. Bello who made this disclosure at the Journal conference …
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