Nigerian Vice President Yemi Osinbajo says African cross-border informal trade is estimated to be worth $ 93 billion and offers unlimited opportunities for Africa’s industrialization.
Mr. Osinbajo stated this Thursday in a message to a Roundtable on Industrialization in Africa where he highlighted the need to quickly put Afreximbank’s effort to establish a Pan-African Payments and Settlement Platform up and running.
The move, according to the Nigerian vice president, “will go a long way toward creating the desired continental payment system and also facilitating informal cross-border trade, which is estimated at about $ 93 billion a year.”
Vice-presidential spokesman Laolu Akande, in a statement, cited Osinbajo as urging authorities to take appropriate measures to update the unlimited opportunities offered by the African Continental Free Trade Area (AfCFTA), He stated that such actions include protecting local industries and improving value chains.
“By the way, the AfCFTA is indispensable for industrial development to take off in Africa because it offers broader markets and economies of scale that are essential for manufacturing to be competitive,” the statement read.
He further added that “we must take political action to create an environment in which businesses can thrive. To begin with, we must adopt the right kind of macroeconomic and industrial policies.
“It is important for African governments to provide a stable macroeconomic environment that avoids and smooths price volatility, sharp current account deterioration and budget deficits and, of course, a rapid accumulation of debt burdens.”