by Merit Ibe
The Pan-African Private Sector, under the umbrella body of the African Business Council (AfBC), has said the start of trading on the basis of the African Continental Free Trade Agreement (AfCFTA) offers enormous business opportunities for the sector, small businesses, women and youths.
The council, which noted that the launch of trading on January 1 followed the African Union Assembly decision made on December 5, 2020 during its 13th Extra-Ordinary Session on the AfCFTA, said the trade agreement was an opportunity for the Pan-African private sector to build Africa through manufacturing, distribution, transportation, health eco-systems, among others, as the continent takes this bold move towards boosting intra-African trade.
Applauding the take-off of trade, Interim Vice-Chairman of the AfBC and President of the Manufacturers Association of Nigeria (MAN), Dr. Ahmed Mansur, noted that in the new year, new opportunities are emerging, he therefore, charged manufacturers, traders, farmers, transporters, shippers, women business associations and youths, to go out there and grab the opportunities.
“It is time to feed Africa through agriculture, manufacturing and promoting value chains. It is only through a united voice that we can have transformation in Africa.”
Dr. Amany Asfour, Interim Chairman of AfBC, emphasised that AfCFTA gives Africa a chance to drive its agenda.
“For many years, the African business community has been individualistic in driving the continent’s agenda. It is an opportunity for us as the African Business Council to come together and support the implementation of the AfCFTA. We are a united voice, and we can do this together.”
According to Ms. Amina Mohammed, Secretary-General of the United Nations, the proliferation of non-tariff barriers in Africa has often hindered intra-Africa trade.
“It is difficult to move cargo among African countries, and the online system on the Monitoring, Reporting and Elimination of Non-Tariff Barriers will assist in the implementation of the AfCFTA.”
President and Chair of Afrexibank, Prof Benedict Oramah said:
“As the African export and import bank, we are ready to support the implementation of the AfCFTA, through the Pan-African Payments and Settlement System (PAPSS).
The PAPSS is one of the greases that will oil the engines of the AfCFTA.”
He hinted that reliable trade information is central to the implementation of the AfCFTA, Pamela Coke-Hamilton, Executive Director for the International Trade Centre announced that the African Trade Observatory was available for the business community to make use of. She said it would provide real time market information on the AfCFTA, as well as assist policymakers in making informed decisions.
“Promotion of cross border trading is central to the African Women Business Community. As ITC-SheTrades, the implementation of the AfCFTA should witness smooth cross border trade,” Ms. Vanessa Erogbogbo, Head of ITC-SheTrade said.
With the commencement of the start of trading, the AfBC said it was working earnestly to constitute greater support of the AfCFTA by the continental private sector while actively engaging African policy makers on any recommendations and concerns expressed by the sector.
The AfBC is the apex body on the promotion and lobby of the Pan- African business interests.
The membership to the AfBC is open to national, regional and continental private sector organisations/associations. It is an independent private sector institution of the African Union.