President Muhammadu Buhari has urged African countries to exploit intra-African trade to maximize economic benefits and enhance their productive capacity.
Speaking at the opening ceremony of the 9th African Shippers’ Day, organized by the Nigerian Shippers’ Council (NSC) in collaboration with the Union of African Shippers’ Councils (UASC) in Lagos, Buhari highlighted the importance of trade within the continent.
Intra-African Trade Still Lagging
President Buhari, who was represented by the Minister of State for Transportation, Prince Ademola Adegoroye, noted that intra-African trade in goods currently stands at $135 billion, representing just 15 percent of Africa’s total trade.
He lamented that this figure is low compared to other regions, where intra-regional trade is significantly higher, with 70 percent in the European Union and 60 percent in Asia.
ACFTA: A Platform for Growth
Speaking on the theme, “African Continental Free Trade Agreement: A Veritable Platform for African Shippers to Mainstream into Global Trade,” Buhari emphasized that African countries must leverage the agreement to expand trade networks and economic opportunities.
Need for Policy Reforms and Regional Focus
In his welcome address, NSC Executive Secretary Emmanuel Jime stressed the need to sensitize governments across Africa to dismantle tariff and non-tariff barriers that hinder trade.
Jime added that reorienting and reorganizing intra-African trade should begin within the West African sub-region, noting that success in this region would facilitate easier trade connections with other parts of the continent.
