SHARE

AFDB Urges African Countries to Boost Industrial Capacity to Benefit From Free-trade Zone

Must Read

UN Removes Marijuana from List of Most Dangerous Drugs

The United Nation. Commission on Narcotic Drugs voted Wednesday to remove cannabis and cannabis resin from a category of the world's most dangerous drugs, which could impact the global medical marijuana industry.

Transatlantic Slave Trade: The Legacy of Brazilian Slave Merchant Francisco Félix de Souza in Benin

Francisco Félix de Souza was an Afro-Brazilian slave trader and merchant who traded in palm oil, gold and slaves in the 18th and early 19th century.

Man Named Adolf Hitler Wins Local Election in Namibia

A man called Adolf Hitler Uunona who has been elected as a local councillor for Namibia's governing Swapo party.
SHARE



In a bid for Africa to benefit from a new $3.4 trillion economic plan, president of the African Development Bank, Akinwumi Adesina, is pushing African countries to boost output of goods and services and incorporate payment systems.

AFDB Urges African Countries to Boost Industrial Capacity to Benefit From Free-trade Zone

He said African nations will need to boost output of goods and services and integrate payment systems if they are to take advantage of a new $3.4 trillion economic initiative.

It should be recalled that continental free-trade zone was launched this month in Niger which, if successful, will usher in a new era of development for an area with a population of 1.3 billion people.
“ Africa cannot be a market where others simply import and put stuff in, Africa has to have its own industrial capacity. ”

“Africa cannot be a market where others simply import and put stuff in, Africa has to have its own industrial capacity to be able to take the advantage of a 3.3 trillion dollar market with the African Continental Free Trade Area, so Africa has to industrialize. Industrialization is critical, it is not just about moving raw materials, it is value added products, Adesina added.

Adesina noted that he expected industrial manufacturing capacity in Africa to increase, while financial markets would integrate and food production expands.

“The African Development Bank, last year, we launched what is called the Africa Investment Forum where we brought in the world of investors to Africa, and here is what happened, in less than 72 hours we mobilized 38.7 billion dollars for Africam that tells me the opportunities are there if we can get the business and investment regulatory environment to work,’ he said.

Related:   British Museum Teams up With Nigeria to Dig for Royal Treasures in the Ancient City of Benin

According to Adesina, African countries need to mobilize more domestic resources, and encourage sovereign wealth and pension funds to invest in infrastructure.

It is hoped that the 55-nation African Continental Free Trade Area – the largest bloc since the creation of the World Trade Organization in 1994 – will help unlock Africa’s long-stymied economic potential by boosting intra-regional trade, strengthening supply chains and spreading expertise.

Related:   Anti-racism Protest in South Africa Over Whites-only School Party

©AfricaNews



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

Leave a Reply

Subscribe to receive email updates

With a subscription profile, you automatically receive updates without having to return to the website and check for changes

Just In

UN Removes Marijuana from List of Most Dangerous Drugs

The United Nation. Commission on Narcotic Drugs voted Wednesday to remove cannabis and cannabis resin from a category of the world's most dangerous drugs, which could impact the global medical marijuana industry.

Transatlantic Slave Trade: The Legacy of Brazilian Slave Merchant Francisco Félix de Souza in Benin

Francisco Félix de Souza was an Afro-Brazilian slave trader and merchant who traded in palm oil, gold and slaves in the 18th and early 19th century.

Man Named Adolf Hitler Wins Local Election in Namibia

A man called Adolf Hitler Uunona who has been elected as a local councillor for Namibia's governing Swapo party.

Ngozi Okonjo Iweala Named Forbes ‘African Of The Year’

Ngozi Okonjo-Iweala, Nigeria’s former minister of Finance and former Managing Director of the World Bank, has been named the Forbes African of the Year, 2020.

‘Black-ish’ Star Marsai Martin, Breaks Record for Youngest Hollywood Executive Producer

'Black-ish' star Marsai Martin, who's 16, has set a record for the youngest Hollywood executive producer.

More Articles Like This