Abuja: Some experts at the Pan-African Economic and Investment Summit in Abuja on Wednesday called for a seamless trans-border trade to boost the African economy. They stressed the need for African countries and their people to unite as one black race and believe in themselves to discourage the massive consumption of foreign products in Africa.
According to News Agency of Nigeria, the summit themed ‘Driving Africa’s Economy for Inclusive Growth, Prosperity and Sustainable Development’ was organised by the African Union Agenda 2063 Ambassadorial Assembly. In his keynote address, Dr. John Pakka emphasized that the African economy had been compromised long ago due to the maximum consumption of foreign products and urged African governments to unite and work towards seamless trans-border trade within the continent.
Dr. Pakka highlighted the challenges faced in African trans-border trade, stating, “What happens in Africa right now is that trans-border trade in Africa is highly frustrating than any trade in the whole world.” He compared the costs, noting that exporting a container from Nigeria to China costs significantly less than transporting goods across African borders. He stressed that these exorbitant costs are hindering economic growth and prosperity within the continent.
Dr. Stephen Ben-Joel, Head of Mission for African Union Agenda 2063, elaborated on the economic aspects of Agenda 2063, which calls for a strong integrated African market. He pointed out that Africa currently exports raw materials and imports finished products, and emphasized the need for Africa to produce, refine, and add value to its raw materials to achieve the desired economic transformation.
Dr. Sule-Iko Sadeeq, Co-Chairman of the occasion, described the summit as a statement of resolve and a continental awakening, asserting Africa’s readiness to become a global powerhouse of innovation, enterprise, and opportunity. He noted that Africa is beginning to shift from being seen as potential to demonstrating performance, driven by the collective will of its entrepreneurs and the vibrancy and resilience of its people.