Countries on the African continent have been urged to capitalize on the benefits inherent in the African Continental Free Trade Agreement procedures to develop their economy and leapfrog food security in the Sub-Saharan area.
This follows the revelation that Africa currently has the world’s lowest inter-regional trade (about 13% of the continent’s global trade, compared to 60% in Asia).
The charge was part of the resolutions adopted at the recently ended Africa Economic Summit 2024, themed “Africa: Riding the crest of global economic and political volatility.”
A communiqué signed by the President of the Africa Economic Summit 2024, Dr. Sam Ohuabunwa, and the Chief Executive Officer of the Africa Economic Summit Group,
Dr. Brian Reuben, and made available to journalists on Thursday in Abakaliki, stated that African countries urgently needed a global outlook and sufficient resources to compete favorably with others such as the United States of America, China, and India, among others.
The communiqué states that “Africa currently has the lowest interregional trade in the world, representing only about 13 percent of Africa’s global trade (compared to Asia’s 60 percent, for example).
“The meeting determined that African nations must immediately accept the African Continental Free Trade Agreement norms and remove all barriers to the agreement’s full implementation. The summit consequently urged the African Union to adopt a target of at least 30% of intra-African trade by 2030.
“The summit decried the embarrassing situation of food scarcity and unbridled food inflation in Africa and determined that Africa must set a date to stop importing all food.”
Aside from improving food security, African countries must implement innovative programs to address the difficulties facing agriculture today.
It went on to say, “Explore innovative funding. Mobilise domestic and foreign funding for vital projects.”Reduce borrowing, prioritize projects, and utilize locally generated resources.”
Begin phasing off aid in favor of trade and offer incentives for diaspora bonds and investments.
