AfCFTA to push Nigeria, other economies to $29trn

AfCFTA to push Nigeria, other economies to $29trn

AfCFTA to push Nigeria, other economies to $29trn   The elimination of tariff following the introduction of the African Continental Free Trade Area Agreement (AfCFTA) is expected to boost intra-African trade by 52 per cent and help Nigeria and others benefit from a $29 trillion market by 2050. According to a report by Ernst and Young (EY), titled: “Diversification and Non-oil Export Opportunities for Nigeria States Post-COVID-19,” which was commissioned by the PDF Bridge Programme, through the elimination of tariffs, the enlarged continental market will attract higher FDI flows into…

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AfCFTA imperatives to ensure its success

AfCFTA to push Nigeria, other economies to $29trn

AfCFTA imperatives to ensure its success   By Gagan Gupta Much attention has been devoted to the launch of the African Continental Free Trade Area (AfCFTA) on January 1, 2021. As the CEO of the pan-African provider of industrial ecosystems, I am convinced about the gains that can be achieved by uniting a market of 1.2 billion people. I am not the only one with high expectations. For the past two years, experts have bandied about a lot of ambitious figures. I may be optimistic, but I am no less realistic.…

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AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure

AfCFTA implementation

AfCFTA implementation: Analysts see respite for Nigeria’s FX pressure   Analysts at PFI Capital Limited have said that the huge demand for foreign exchange in Nigeria will ease if there is an effective implementation of African Continental Free Trade Area (AfCFTA) agreement and a significant increase in the country’s export earnings. The analysts, who stated this in a report obtained by Business Metrics, noted that the surge in demand for forex resulted in naira losing close to 30 per cent in value within the last one year, and more than…

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AfCFTA releases guidelines for full implementation

AfCFTA to push Nigeria, other economies to $29trn

AfCFTA releases guidelines for full implementation     The African Continental Free Trade Area (AfCFTA) has finally released unveiled requirement for full implementation, mandating right equipment for customs authorities at the border to facilitate the fast and efficient transit of goods.  The AfCFTA explained that the full implementation will be a long journey as Africa needs the right equipment for customs authorities at the border to facilitate the fast and efficient trade which goes into effect on January 1. This was contained in a statement released by Wamkele Mene, Secretary-General…

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Africa remains investment haven despite pandemic — experts at AfDB webinar

Participants at a webinar to organised by the African Development Bank (AfDB) have reaffirmed the the claim that despite incursion of coronavirus pandemic that disrupted the global economy, Africa remains a prime destination of investment. The AfDB hosted the webinar on Monday to present its African Economic Outlook Supplement to Asian audiences. At the event, the participants endorsed the report as critical for post-COVID-19 Africa. The supplement revises the growth projections and outlook for Africa for 2020 and 2021 and highlights the impact of COVID–19 on Africa’s socio-economic landscape. It…

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Regional Integration as a Tool for Wealth Creation in Africa

Africa

By Khaled Sherif The COVID-19 pandemic and its health and economic impacts has forced a global rethink of the current multilateral framework and what it means for the future. For Africa, COVID-19 has served as a wake-up call in many ways. The mitigation measures that were put in place by most countries, globally, to contain the spread of the pandemic, and particularly border closures and lockdowns, resulted in reduced economic activity and supply chain disruptions across the whole world, Africa included. Reduced economic activity has meant demand contraction in Africa’s…

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How 26 States Present Obstacles For AfCFTA’s January 1, 2021 Takeoff Target

AfCFTA

The ambition of African countries to make the continent one big market by January 1, 2021 through the application of the African Continental Free Trade Area (AfCFTA) agreement may further be stifled by the refusal of some 26 member states of the African Union (AU) to ratify the agreement. Although, the entire 54 countries of the AU have signed the agreement, only 28 among them have so far ratified it as demanded for the policy to set in motion its application across the African continent. Worried by the dilly-dallying states,…

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