July 08, 2019

Anna Murray 

On July 7, leaders from 54 African nations gather at the African Union summit in Niger to sign a landmark agreement, African Continental Free Trade Agreement (AfCFTA). This deal is hoped to connect 1.3 billion people, create a $3.4 trillion economic bloc and boost trade in Africa. 

Egyptian President Abdel Fattah al-Sisi, chairman of the African Union, 
said Africa has become the focus of the world and that the success of the AfCFTA will make true African people’s dream of welfare and quality of life.

Judd Devermont, director of the Africa Program at Center for Strategic and International Studies (CSIS), pointed out that this agreement was very important for Africa’s economic development.

According to Chris Devonshire-Ellis, founder of Dezan Shira & Associates, the net income at the continental level would reach US$2.8 billion every year by removing tariffs on intra-African trade.

The future hope is to improve the transportation infrastructure. Devermont mentioned South Africa, Rwanda and Ethiopia could benefit most from the AfCFTA and attract more invest if their trade links could get improved.

On July 10, Sadeeq Shehu, a Nigerian retired defence expert, warned the Federal Government to deal with maritime insecurity in the continent: pay attention to the production of containers and tighten the security of the ports to prevent terrorists. 

Photo:Webshot.