Africa’s economic growth depends on moving away from the export of raw materials and embracing local processing and value addition, the Nigeria AfCFTA Coordination Office has said.
The National Coordinator and Chief Executive Officer of the office, Patience Okala, made the call at the Streamsowers & Köhn 20th Anniversary Business Forum, stressing that beneficiation of natural resources is key to driving industrialisation and sustainable development across the continent.
According to Okala, the African Continental Free Trade Area is not just about removing trade barriers but also about creating opportunities for manufacturing, job creation and economic transformation.
“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.
She added that the success of the trade agreement would depend on how effectively businesses can access markets, trade across borders and benefit from the opportunities it provides.
“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders and benefit from the opportunities created by the agreement,” she said.
Okala noted that Nigeria has continued efforts to support AfCFTA implementation, including the production of simplified trade guides in six languages to help businesses, especially small enterprises, take advantage of the agreement.
She urged governments, regulators and the private sector to work together in removing obstacles to trade and investment while building a more integrated African market.
