AfCFTA will Drive Intra-African trade and Investments, says Ramaphosa

6 Views No Comment
President Cyril Ramaphosa of South Africa (2nd left) presenting his address. He is flanked to his left by Dr Benedict Oramah, President of Afreximbank and to his right by Mrs Kemi Adeosun, Nigeria's Minister of Finance

President Cyril Ramaphosa of South Africa (2nd left) presenting his address. He is flanked to his left by Dr Benedict Oramah, President of Afreximbank and to his right by Mrs Kemi Adeosun, Nigeria’s Minister of Finance

South African President Cyril Ramaphosa says the African Continental Free Trade Area (AfCFTA) would provide the integrated and diversified markets that will unlock Africa’s full productive capacity.

In a keynote address just concluded Annual Meetings and 25th Anniversary celebrations of the African Export-Import Bank (Afreximbank) in Abuja; President Ramaphosa said that the AfCFTA held enormous opportunities for the growth of the economies of the African continent.

He highlighted the need to address the continent’s infrastructure deficit and to pursue industrial development.

In his address, Dr Benedict Oramah, President of Afreximbank, welcomed the signing of the AfCFTA agreement by 44 African nations in Kigali in March and said that it will accelerate the integration of Africa markets, foster regional value chains and promote dynamic competitive advantage across Africa for certain kinds of goods as well as boost employment.

He further stated that it is important that the AfCFTA be thoroughly debated so that everyone can understand both the opportunities it offered and the obstacles that still needed to be overcome.

Kemi Adeosun, Nigeria’s Minister of Finance said that continued infrastructure improvements and focus on trade, particularly regional trade, would drive sustainable growth.

She commended Afreximbank for its role during the last global recession when it supported many African countries with trade support and lines of credit at a time when others were withdrawing from Africa.

By Chris Ajaero

 

About the author

Leave a Reply

Your email address will not be published. Required fields are marked (required)

Trending Now
Advertisement
Calendar
July 2018
M T W T F S S
« Jun    
 1
2345678
9101112131415
16171819202122
23242526272829
3031  
Channels
Advert