Africa must implement economic strategies to transform its economies—Minister

Africa must begin the work of implementing strategies for exports, diversification, industrialisation and value-chain development to achieve its potentials of diversifying and transforming its economies.

The Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, emphasized this at an event to celebrate the 2019 African industrialization day held in Calabar, Cross River State.

Adebayo opined the Africa Continental Free Trade Area (AfCFTA) would improve the export quality of products manufactured in Nigeria.

He said that with the implementation of the agreement, there would be an improvement in exports across the continent, adding that this would provide manufacturers in Nigeria the opportunity to boost the quality of export.

The theme for this year’s celebration is “Positioning African industry to supply the AfCTA market.”

The minister, according to a statement from the ministry, described the theme as apt considering the fact that there is a need for industries within the continent to enjoy the full benefits of the agreement.

He stated that the government was fully committed to resolving the constraints that may affect the business environment.

He added that relevant agencies of government are implementing various initiatives that would enable companies in Nigeria benefit from the pact.

He said, “Though the share of intra-Africa exports as a percentage of total Africa exports increased from about ten per cent in 1995 to around 17 per cent in 2017, it remains low compared to levels with Europe 69 per cent, Asia 59 per cent, and North America 31 per cent.”

“The AfCTA presents us with a game-chaining opportunity that cannot be missed,” he added.