Stakeholders have highlighted the underlying issues hampering the growth of intra-African trade despite the ratification of the African Continental Free Trade Agreement by 39 out of 54 countries on the continent.
At the 50th anniversary of the Manufacturer’s Association of Nigeria, the Secretary-General of the AfCFTA, Wamkele Mene, said interconnectivity and transit of goods were among the major challenges.
He said various tariffs and levies across the borders increased the cost of connectivity between nations on the continent.
He said, “Trade in Africa has not risen above 18 per cent of capacity, and a large part of that trade is informal and in primary commodities.
“Africa has historically lacked depth in manufacturing and industrial capacity to solve unemployment and erase poverty. These reasons were why solutions, of which the agreement is part, were drawn up in 2012 by leaders in the African Union. Read More.