African Cross-Border Informal Trade Hits $93b Yearly

September 6, 2021 The Street Journal 0 Comments

Vice President Yemi Osinbajo has disclosed that Africa’s cross-border informal trade now worth about $93 billion (about N46.5 trillion) yearly. Osinbajo, in a message delivered at a ‘Roundtable on Industrialization in Africa’ organized by the Manufacturers Association of Nigeria (MAN) to celebrate its Golden Jubilee, said the African Continental Free Trade Area (AfCFTA) offers limitless opportunities for the industrialization of Africa, therefore authorities across the continent must take the right policy actions to actualize them. He stated that such actions include the protection of local industries and improving value chains.

He said the AfCFTA is indispensable if industrial development is to take off in Africa because it offers wider markets and economies of scale, which are essential for manufacturing to be competitive. Read More.

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