Vice President Yemi Osinbajo, says the African Continental Free Trade Area (AfCFTA) offers boundless prospects for Africa’s development.
He stated that such actions include protecting local industry and developing value chains.
Prof. Osinbajo made the remarks today during a ‘Roundtable on Industrialization in Africa’ held by the Manufacturers Association of Nigeria (MAN) to mark its Golden Jubilee.
“For certain, 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.,” said Vice President Osinbajo.
“It is critical that African countries establish a stable macroeconomic environment that precludes sudden worsening in the current account and budget deficits, and of course rapid debt burden accumulation.”
The VP said in the pre-recorded message said, “it is particularly important in this regard to rapidly operationalise the effort by Afreximbank to establish a Pan-African Payments and Settlement Platform. This will go a long way in creating the desired continental payments system and also in facilitating cross-border informal trade, which is estimated to be about $93 billion per annum.”