Experts at the Coronation Merchant Bank’s second edition of its Interactive Session Series have agreed that Nigeria could capture 10 percent of Africa’s imports, as well as double the country’s export revenues by 2025.
Themed “AfCFTA – The Road Ahead,” the session which held virtually, featured expert speakers such as Francis Anatogu, Executive Secretary, National Action Committee on the African Continental Free Trade Area; Komi Tsowou, Economic Affairs Officer, AfricanTrade Policy Center, Regional Integration and Trade Division, United Nations Economic Commission for Africa and Chinwe Egwim, Chief Economist, Coronation Merchant Bank.
Other speakers and panellists at the session include Demola Adekoya, Head, Corporate Banking, Coronation Merchant Bank and Kesiena Esievo, Head, Global Trade, Coronation Merchant Bank.
Speaking on leveraging the opportunities in AfCFTA and plotting a course for Africa’s economic recovery, Francis Anatogu said the strategic objective of Nigeria’s participation in the AfCFTA was to capture 10 percent of Africa’s imports, as well as double the country’s export revenues by 2025.
He added that with Nigeria having experienced recession twice and devaluation which impacted its ability to scale up, it needs AfCFTA to grow its GDP, reserves, exports and make every state grow their local economies as well as protect their revenues.
According to him, the AfCFTA provides a platform to improve resilience in the economy and make every state economically viable.
Speaking on building a trading system that is driven by Africans and delivered to the world, Komi Tsowou noted that, almost everything is being exported mainly from the rest of the world which means there is a huge gap that products made in Africa can supply.
According to him, one thing COVID-19 has shown is that during a crisis, supply disruption makes countries that are heavily dependent on remote markets very vulnerable.
“The AfCFTA is creating an African market for African products which will contribute to the reduction of this export gap and our over-reliance on exports of world markets.
“By 2045, intra-trade can increase as much as 40 per cent with the AfCFTA as a catalyst compared to 20 per cent if the AfCFTA was not in place.”
In his welcome remarks, Banjo Adegbohungbe, Managing Director/ChiefExecutive Officer of Coronation Merchant Bank, said, “Since the emergence of COVID-19 pandemic in 2020, the international trade landscape has undergone rapid changes. From supply chain disruption to higher logistics costs to the adoption of digital platforms, the landscape has continued to evolve. More than ever before, organizations have been faced with multiple challenges while trying to meet their strategic objectives.
He further stated that: “perhaps now more than ever, the expansion of intra-African trade is a critical enabler for the Nigerian economy. As Africa continues on its journey to economic recovery, it must look inwards and strive to leverage the resources and synergies in growing trade finance not just for the benefit of Africa but for the whole world.”
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