African nations have been encouraged to seize the benefits embodied in the protocols of the African Continental Free Trade Agreement to advance their economies and surpass sub-Saharan food security.
This follows the discovery that interregional trade in Africa is currently the lowest in the world (making up only 13% of the continent’s total global trade, compared to 60% in Asia).
In keeping with the theme of “Africa: Riding the crest of global economic and political volatility,” the charge was one of the resolutions adopted at the recently concluded Africa Economic Summit 2024.
The chief executive officer of the Africa Economic Summit Group, Dr. Brian Reuben, and the president of the Africa Economic Summit 2024, Dr. Sam Ohuabunwa, signed a communiqué that was made available to journalists on Thursday in Abakaliki.
The communiqué stated that African nations urgently needed to have a global outlook and accumulate enough resources to compete favorably with others, including the United States of America, China, and India.
According to the communiqué, “Africa currently has the lowest interregional trade in the world, which represents only about 13 percent of Africa’s global trade (compared to Asia’s 60 percent for example).
“The summit resolved that African nations must quickly embrace the African Continental Free Trade Agreement protocols and quickly dismantle all obstacles to the full consummation of the agreement.
“The summit therefore called on the African Union to set a target of at least 30 percent of intra-African trade by 2030.
“To aggressively pursue this goal, which will have a tremendous salutary effect on the African economy, the summit urged the AU and particularly the AfCFTA to adopt the slogan: One Africa! One Family!! One Economy!!!
“This slogan should serve as a tonic and a clarion call for all Africans to think globally African.
“It is our best chance of aggregating sufficient resources and energy to compete with the other continents, which are made up of very large countries like the USA, China, and India. The small and brittle countries of Africa can never be competitive on their own.
“In addition to pulling together resources ( human and material), the next critical factor that can help Africa leapfrog and achieve SDG goals is an aggressive investment in digital transformation to drive economic, political, and social development.
“Internet Penetration and Applications are Africa’s best opportunity to mobilise the energies of our active youth population and drive employment and creativity.
“Investing in digital technology infrastructure has a multifactorial impact on education, healthcare, agriculture, financial inclusion, and security in Africa.
“African governments, with a fraction of the money spent on international travel and perquisites of office of the political class, can further fan the embers of this digital revolution, which is already ignited and taking root in some African nations, mostly through private sector initiatives.
“The summit decried the embarrassing situation of food scarcity and unbridled food inflation in Africa and determined that Africa must set a date to stop importing all manner of food.
“Beyond dealing with enhanced food security, African nations need to adopt new schemes that resolve the trinity of challenges that currently beset agriculture.”
It added, “Explore innovative funding. Mobilise domestic and foreign investments for critical projects.
“Minimise borrowing, prioritise projects and use internally generated resources.
“Start winding down aid and replacing it with trade, and provide incentives for diaspora bonds and investments.
“Deliberately promote gender equity and inclusiveness in African political leadership with a focus on the younger generation and ethically engineered leadership development.
“Create a conducive business environment by simplifying regulations, minimising bureaucracy, and promoting entrepreneurship.”
