- AfCFTA to Incorporate Africa’s $2.5b GDP
An agency of the African Union (AU), the African Capacity Building Foundation (ACBF), says it will enhance the expertise of Africa’s private and public sectors to benefit from the proposed African Continental Free Trade Agreement (AfCFTA).
ACBF Executive Secretary, Prof Emmanuel Nnadozie, spoke at the yearly meeting of Africa Export-Import Bank in Abuja.
According to him, the AfCFTA is expected to create a market incorporating Africa’s 1.2 billion people with a combined gross domestic product (GDP) of $2.5 billion.
“Attention has to be paid to its ability to take advantage of this opportunity,” Nnadozie said.
On the readiness of the public sector, he said there was need for trade and industry ministries across Africa including relevant government agencies to revamp their capacities.
Nnadozie, however, said it was doubtful if many countries would be ready to take advantage of the deal despite the obvious benefits
According to him, the ACBF would help African countries carry out a readiness assessment that will identify the capacity needs in the countries and then design a plan to build those capacities.
So far, 44 countries have signed the protocol while six countries have ratified it.
