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Nigeria’s President Muhammadu Buhari has urged African leaders to support local entrepreneurs in order to improve productivity and reduce reliance on importations.
The Nigerian President who is currently attending the second Intra-African Trade Fair 2021 (IATF) in Durban, at the invitation of South African President Cyril Ramaphosa, implored African governments to support local entrepreneurs to build scale and therefore increase productivity.
Speaking at the opening ceremony of the IATF 2021, on Monday, Buhari said, “Under the African Continental Free Trade Area, we can double our intra-Africa trade by 2030, reduce our reliance on imports and therefore create more jobs within the continent”.
“We cannot achieve this goal by talking alone. The implementation will be a difficult journey. But all challenges are surmountable if both the public and private sectors collaborate”.
Buhari who also seeks for more collaborations between the public and private sectors, said, “through these gatherings, we will be laying a solid foundation for future business-to-business, business and government, and government to government co-operation.
“This means providing incentives to encourage our businesses to formalise and comply with laid down regulations. Free Trade must also be Fair. And fairness can only be achieved when there is full compliance with regulations especially those relating to rules of origin”.
The Nigerian president also said, “The AFCFTA is for “made-in-Africa” products and services”
“Africa must be a marketplace where no country is left behind. As we implement, we must ensure that we create jobs and enhance revenues for all parties. We must leverage on one another’s strengths to succeed”
Adding that, “Our business people must key into existing regional value chains or build new ones, either to extend operations into the higher value segments of their industries or to satisfy the Area’s rules of origin requirements. The Intra-Africa Trade Fair is uniquely positioned to help in these areas”.
The IATF 2021 tagged, “Building Bridges for a Successful AfCFTA,” aims to stimulate commerce and investments throughout the African continent. Also, to build an enabling climate for businesses to grow across Africa and also to create market data required to link buyers and sellers throughout the continent.
Omotayo Araoye
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