Intra-Africa trade barriers such as stringent border checks, intimidation, payoffs, and corruption from security officials, and bad roads has been identified as critical issues hindering the maximisation of opportunities, according to African Continental Free Trade Area (AfCFTA) Experts.
According to the Secretary-General, African Federation of Women Entrepreneurs, Lucia Quachey, traders who travel between Lagos and Accra often face delays at borders due to excessive customs checks. This can make the journey a long and frustrating experience.
She called for the elimination of various tarrifs and non-tariff barriers and construction of infrastructure to bolster trade.
AfCFTA project aims to hasten commercial system between Africa’s 55 countries, cancelling barriers and multiply trade, which has been projected to have to an enormous impact on the continent, the 1.3 billion African citizens and a total $3.4tn GDP.
Apparently, Sunday Umoren, the Secretary-General, Abuja Memorandum of Understanding has initiated for an effective partnership of private sectors and development partners. He stressed the importance of involving carriers and vessel owners in the implementation of the African Continental Free Trade Area (AfCFTA).
Umoren, however, urged African nations to build their own ships to reduce the cost of shipping goods and to improve their economic independence.
Financial expert, Jonathan Aremu, has said that the government is working to finalize the domestication of laws and policies related to AfCFTA. He added that the final details will be approved by the National Assembly and relevant ministries.
