WEEKLY INFORMATION
22 SEPTEMBER, 2023.
57 Checkpoints Along Badagry-Seme Expressway Frustrating Intra-African Trade – ECOWAS
The Economic Community of West African States (ECOWAS) Commission, over the weekend, said over 57 checkpoints on the Badagry-Seme expressway of the Lagos- Abidjan corridor are frustrating intra-African trade.
The executive secretary of the Nigerian Shippers’ Council (NSC), Hon. Emmanuel Jime, however, noted that more than 400 trade obstacles have been reported along the trade corridor.
WEEKLY INFORMATION
15 SEPTEMBER, 2023.
ECOWAS adopts strategy for accelerated AfCFTA implementation in region
The Economic Community of West African States (ECOWAS) has adopted a regional strategy to accelerate the implementation of the African Continental Free Trade Area (AfCFTA) agreement in the ECOWAS region and leverage on opportunities for growth and prosperity.
https://guardian.ng/news/ecowas-adopts-strategy-for-accelerated-afcfta-implementation-in-region/
WEEKLY INFORMATION
8 SEPTEMBER, 2023.
African Union intensifies efforts to foster growth of start-up ventures in Africa.
The African Union led by the Department of Economic Development, Trade, Tourism, Industry, and Minerals(ETTIM) is set to host the second edition of the annual African Union Micro Small and Medium Enterprises (MSME) Forum from the 4th -8th September 2023 at the AU Head quarter in Addis Ababa, Ethiopia. The forum will focus on "Start-up Acts: An Instrument to Foster Development and Innovation in Africa," delving on the importance of policies that serve as incentives for young people to start a venture, investors to put their money into promising companies, and other ecosystem actors to lend their support in start-up enterprises.
https://au.int/en/pressreleases/20230901/au-intensifies-efforts-foster-growth-start-ventures-africa
BRICS+6 to control 30% of global GDP, 46% population
The new members will become part of BRICS effective January 1, 2024.
The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member.
Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP.
But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent.
WEEKLY INFORMATION
1 SEPTEMBER, 2023.
AfCFTA: Traditional institution, key to successful implementation
Multiple award-winning filmmaker and producer, David Akwara has made the case for the involvement of royal fathers and traditional institutions in the implementation of the Africa Continental Free Trade Area (AfCFTA) agreement.
How can AfCFTA’s $10bn fund benefit Rwandan women, youth traders?
Rwandan women and youth traders should seize the various opportunities provided by the African Continental Free Trade Area (AfCFTA) ‘Adjustment Fund’, Denis Karera, a businessman and Vice Chairperson of East Africa Business Council (EABC), has said.
WEEKLY INFORMATION
25 AUGUST, 2023.
Private sector urged to unlock AfCFTA trade opportunities
Africa’s private sectors need to accelerate efforts to unlock the potential trade opportunities lying within the African Continental Free Trade Area (AfCFTA), delegates attending the second edition of the Golden Business Forum in the Rwandan capital city of Kigali said Wednesday.
https://neweralive.na/posts/private-sector-urged-to-unlock-afcfta-trade-opportunities
AfCFTA: Five challenges limiting youth from engaging in trade
For the success of the African Continental Free Trade Area (AfCFTA), which is expected to create a market of 1.3 billion people with a combined GDP of $3.4 trillion, the participation of about 65 percent of the continent’s population under 35 years is paramount.
This imperative was underscored at the inaugural AfCFTA Youth Symposium themed “Igniting the Future for Youth in Trade,” held from August 21 to 23 in Zambia. The symposium brought together young leaders and entrepreneurs to discuss strategies for harnessing AfCFTA's potential.
WEEKLY INFORMATION
18 AUGUST, 2023.
Nigeria to join continental trade initiative — AfCFTA’s boss
The Executive Secretary, National Working Committee, African Continental Free Trade Area, Nigeria, Segun Awolowo, has expressed the readiness of the country to join the second phase of the Guided Trade Initiative.
The initiative by AfCFTA is a solution-oriented approach that aims to facilitate trade between interested state parties by connecting businesses and products for export and import.
https://punchng.com/nigeria-to-join-continental-trade-initiative-afcftas-boss/
Five things African countries can do to optimize AfCFTA
The forum under the theme Creating African Wealth under the African Continental Free Trade Area, is bringing together over 1000 delegates to among others identify and facilitate business opportunities across Africa, as well as promote engagement between developers, investors and financiers.
The AfCFTA, being the world’s largest trade bloc, experts said, is crucial in setting the stage for increased integration, competitiveness, economic diversification, and investment in African economies.
AfCFTA to Identify Comparative Advantage of Northern Region
A regional conference and stakeholder engagement on the implementation of the African Continental Free Trade Agreement (AfCFTA) has been held to identify the peculiar comparative advantages of the Northern Region, which can be brought to bear in trying to harness the benefits of the AfCFTA.
WEEKLY INFORMATION
11 AUGUST, 2023.
How AfCFTA can strengthen regional value chains and SMEs growth
Earlier this month, United Bank for Africa (UBA) Plc, signed an agreement with the Africa Continental Free Trade Area (AfCFTA) Secretariat to provide financing to Small and Medium scale Enterprises (SMEs) across Africa. This partnership seeks to address a critical challenge hindering SME growth on the continent: the lack of financial access and other obstacles such as non-tariff barriers, inadequate infrastructure, digital technology adoption, limited logistics networks, and regulatory disparities across countries. The AfCFTA is actively addressing these challenges, aiming to unlock the full potential of SMEs and drive their growth, while strengthening Africa’s regional value chain.
#vacancy @ African Development Bank Group
Position: Chief Communications Specialist (PCSC).
Deadline: 03-Sep-2023
https://www.afdb.org/en/vacancy/chief-communications-specialist-pcsc-63574
Zenith Bank and Afcfta Sign Agreement to Develop SMARTAfCFTA Portal
Zenith Bank Plc have signed a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat for the development of the SMARTAfCFTA Portal, for trade promotion within the African continent.
The SMARTAfCFTA Portal, which has the capacity to provide information like trade indicators, market trends, custom tariffs, trade agreements, rules of origin, market access requirements of relevant jurisdictions, export potentials, export diversification indicators and contact details of business partners in target markets and other trade-related information about Africa, will help to unlock the vast opportunities for trade on the African continent.
WEEKLY INFORMATION
4 AUGUST, 2023.
Ghana launches AFCTA trade expedition to Tanzania.
AFRICAN Continental Free Trade Area (AfCFTA) is collaborating with Ghana’s National AfCFTA Coordination Office (NCO) to undertake a trade expedition in Tanzania next month.
The National Coordinator of Ghana’s ACTA Coordination, Dr Farred Arthur, said in Dar es Salaam during the launching of the AFCTA trade expedition to Tanzania that the move envisaging to strength economic ties between Ghana and Tanzania.
https://dailynews.co.tz/ghana-launches-afcta-trade-expedition-to-tanzania/
Intra-EAC trade down by $1.8bn on barriers, taxation.
East African economies are losing millions of dollars as stiff trading policies, including slow implementation of agreed taxation rules, yet again force a drop in intra-regional commerce.
A new report on regional commerce shows that policymakers have not been putting their words into action, agreeing on significant policies but delaying implementation.
WEEKLY INFORMATION
28 JULY, 2023.
AfCFTA: Why Nigeria’s missing, as 8 countries commence guided trade.
Nigeria’s absence from the from the first batch of participating countries under the Guided Trade Initiative (GTI) of the Africa Continental Free Trade Area (AfCFTA) has been attributed to failure to meet the minimum requirements for trade under the agreement.
African Union, ImpactHer invites participants for its fully-funded digital, financial training.
The African Union International Centre for the Education of Girls and Women in Africa and ImpactHer is organising a one-month online digital, financial and entrepreneurship training program for interested individuals.
The pilot phase of the Online Youth Capacity Building Training Program (OYCBT) concluded in June 2023, and the next phase will begin in August and run until December.
Chamber rolls out Amharic AfCFTA 101 to boost free trade awareness.
The Ethiopian Chamber of Commerce & Sectoral Associations is hoping a new Amharic course on the African Continental Free Trade Area (AfCFTA) will supercharge awareness of the potentially game-changing trade deal among local businesses.
In an effort to boost awareness of the AfCFTA among businesses, the Chamber is launching an online education platform in the local language.
WEEKLY INFORMATION
21 JULY, 2023.
U.S.-Africa Business Summit Looks to Enhance Africa's Value in Global Chains.
Gaborone — Over 1,000 participants from the U.S. and across the African continent, including government officials, private sector executives, investors, and multilateral stakeholders, are meeting in Botswana's capital city of Gaborone at the U.S.-Africa Business Summit to explore investment opportunities and strengthen business relationships between Africa and the U.S.
"The U.S. is focused on what we will do with African nations and with African people and not for African nations and people as we work to deepen and expand our partnerships, amplify African voices, and support the empowerment of Africans," said Scott Nathan, Chief Executive Officer of the United States, International Development (DFC).
WEEKLY INFORMATION
14 JULY, 2023.
The African Continental Free Trade Area (AfCFTA) presents South Africa with unparalleled benefits and opportunities.
Director of Africa Bilateral Economic Trade at the Department of Trade, Industry and Competition, Calvin Phume said the #AfCFTA holds immense potential, promising to expand market access for South African entrepreneurs and enterprises.
“This unparalleled market reach will catalyse a surge in trade, enabling local businesses to tap into new market #opportunities, expand their operations, attract investments and bolster their revenue streams,” he said.
https://www.sanews.gov.za/south-africa/afcfta-benefit-sa
From Nigeria to Zambia: Six companies cashing in on Cassava.
Cassava, a widely grown but underutilised root crop in Africa, boasts significant commercial potential. It can be processed into various products, including cassava flour, starch, ethanol, and glucose syrup. Particularly, its gluten-free flour presents substantial opportunities in the health and wellness sector.
WEEKLY INFORMATION
7 JULY, 2023.
If You Are Making Life Difficult For Me, There Is No Way I Will Invest - Dangote Begs African Countries To Give Nigerians Visa On Arrival.
“I think what, maybe, African countries need to do is that, why don’t you give Africans visas on arrival that will facilitate trade?” he suggested, sharing a scenario where one has to get a visa to get into “country A” as an African".
https://www.tori.ng/news/239431/if-you-are-making-life-difficult-for-me-there-is-n.html
AfCFTA: South Africa seeks seamless intra-Africa trade.
“I believe that the cries of businesses around visa regimes of our various countries are not unfounded. Trade only happens when we interact, so we need a review of visa regimes across the continent,” she stated. “Unless business communities are talking to one another, indulging and cultivating investments and trade opportunities, we are not going to get anywhere.”
https://gazettengr.com/afcfta-south-africa-seeks-seamless-intra-africa-trade/
South Africa, Nigeria eye mutual benefits from AfCFTA, strengthened trade relations.
The African Continental Free Trade Area (AfCFTA) presents significant opportunities for South Africa and Nigeria, according to Evelyn Ngige, the Nigerian Permanent Secretary for Industry, Trade, and Investment.
Ngige’s remarks came during her visit to South Africa, where the West African nation seeks to enhance trade relations with its southern counterpart. The Nigerian High Commission hosted the meeting to foster partnership between the two continental giants.
Kagame urges sense of urgency in implementation of AfCFTA.
President Paul Kagame has requested African leaders to move with a sense of urgency in the implementation of the African Continental Free Trade Area (AfCFTA) to boost economic value on the continent.
Ethiopia to enact law normalizing informal cross-border trade along Djibouti, South Sudan borders.
The Ethiopian government is taking strides to acknowledge and regulate the longstanding informal cross-border trade occurring along the Djibouti border.
Nigeria’s Intra-African Trade Drops by 12% to N842.6bn in Q1.
Nigeria’s intra-African trade has continued to underperform expectations despite the commencement of the African Continental Free Trade Area (AfCFTA) as the trade value fell Year-on-Year (YoY) to N842.6 billion in the first quarter of 2023 (Q1’23) 11.95 percent down from N956.93 billion in Q1’22.
https://economicconfidential.com/2023/06/nigeria-intra-african-trade/
WEEKLY INFORMATION
23 JUNE, 2023.
Africa energy forum opens in Kenya.
Africa energy forum opens in Kenya. The 25th edition of the Africa energy forum opened in the Kenyan capital of Nairobi Tuesday with delegates renewing the call for greater uptake of clean sources of energy to secure a climate-resilient...
EALA passes motion to expedite EAC single currency.
The East African Legislative Assembly (EALA) passed, with amendments, the motion to urge the Council of Ministers and partner states to use local currencies in all transactions in the #EAC.
Access Bank, UBA signs Agreement to Allow Africans Trade without the Need to Use Dollars. Access Bank and United Bank for Africa (UBA) have signed an agreement with the African Continental Free Trade Agreement (#AfCFTA)
WEEKLY INFORMATION
16 JUNE, 2023.
Eritrea rejoins east Africa trade and security bloc IGAD after 16 years
Eritrea says it is ready to work toward "peace, stability and regional integration after it rejoined the East African bloc, the Inter-Governmental Authority on Development (IGAD).
African business leaders chafe at obstacles to trade.
The problems are having an impact on African companies competing with developing-country counterparts facing lower or even zero hurdles.
Around 350 African companies today have a turnover of more than a billion dollars, a fall of six percent since 2015, compared to 210 in Latin America and 170 in India, tallies that have risen by almost a third over the same period.
https://www.enca.com/business/african-business-leaders-chafe-obstacles-trade
WEEKLY INFORMATION
2 JUNE, 2023.
Africa Month: African youths divided over AfCFTA – Report.
The foundation, which conducted an expansive study of Africans between the ages of 18 and 24, also disclosed that among those who were aware of AfCFTA, the majority (55 per cent) of respondents said the free trade area would have a positive impact on their country.
According to the foundation, a little more than one-in-five young Africans (22 per cent) indicated that they were familiar with AfCFTA, one-in-five were skeptical about AfCFTA making a difference in their country’s economic situation, while 15 per cent noted that it would worsen the situation.
https://www.vanguardngr.com/2023/06/africa-month-african-youths-divided-over-afcfta-report/
The dtic to Host AfCFTA Provincial Awareness Workshops Across South Africa.
The Department of Trade, Industry and Competition (the dtic) will host a series of awareness workshops on the African Continental Free Trade Area (AfCFTA) throughout the country starting at the Pavilion Hotel in Durban, KwaZulu-Natal on Thursday, 25 May 2023. The aim of the Provincial Awareness Workshops is to communicate and engage private sector, Small and Medium Enterprises, as well as women and youth-owned business on the implementation of the AfCFTA, including the opportunities for South Africa to participate in preferential trade beyond the Southern Africa region.
Kenya begins shipping fruits, flowers by sea.
Kenya has last week began transporting horticultural produce by sea in a move officials say will reduce the carbon footprint and improve earnings.
This follows a pact with the European Union, one of Kenya’s major export destinations, to transport fresh produce via sea after Mombasa port complied with requirements.
https://www.theeastafrican.co.ke/tea/business/kenya-begins-shipping-fruits-flowers-by-sea-4244344
African Ambassadors call for accelerated implementation of the African Continental Free Trade Area and the Single African Air Transport Market.
The African Institute for Economic Development and Planning, in collaboration with the ambassadors of the African group of the diplomatic corps accredited to Senegal, organized a High-level round table on «The status, challenges and prospects of the African Continental Free Trade Area (AfCFTA) and the Single African Air Transport Market (SAATM)»
Infrastructure investment accelerates AfCFTA implementation.
Africa should promote supportive policies and infrastructure development to attract green investment and boost trade through the African Continental Free Trade Area (AfCFTA), Economic Commission for Africa (ECA), Acting Executive Secretary, Antonio Pedro, has urged.
“To reap the AfCFTA opportunities we must address Africa’s infrastructure gap,” Mr Pedro told participants at the Africa Regional Session of the 12th Annual Investment Meeting, adding that, “To attract sustainable cross-border investments to Africa, hard and soft infrastructure must be addressed.” The theme of the Africa Regional Session was the “The AfCFTA Investment Protocol – An Investment Paradigm Shift for Africa” which set out to discuss the role of the AfCFTA and its Investment Protocol to create a new framework for attracting sustainable and productive investments to the continent and the investment opportunities that are arising as a result of that.
https://au-afcfta.org/2023/05/infrastructure-investment-accelerates-afcfta-implementation/
WEEKLY INFORMATION
19 MAY, 2023.
AfCFTA Says Uganda Well Positioned to Benefit From Intra-Africa Trade Initiative.
The secretary general of the African Continental Free Trade Area (AfCFTA), Wamkele Mene has said Uganda's private sector is in good position to benefit from AfCFTA's intra-Africa trade initiative.
Mene made the remarks on Monday during a private sector dialogue on harnessing opportunities presented by AfCFTA at Serena Hotel, Kampala.
https://allafrica.com/stories/202305170479.html
THE GOVERNMENT CALLED TO UNDERTAKE TRADE REFORMS TO OPTIMIZE THE GAINS FROM THE AFCFTA–NCCI.
The government has been called by the country’s business chamber to undertake trade reforms and take steps to optimize the gains from the Africa Continental Free Trade Agreement (AfCFTA).
The Chamber of Commerce and Industry (NCCI) President Bisey Uirab highlighted this during a National Corporate Forum held Monday for corporate executives and industry leaders to guide the Chamber’s advocacy agenda and support the implementation of its activities.
ECA’s Antonio Pedro calls for investments in infrastructure to accelerate the implementation of the AfCFTA.
Africa should promote supportive policies and infrastructure development to attract green investment and boost trade through the African Continental Free Trade Area (AfCFTA), Economic Commission for Africa, Acting Executive Secretary, Antonio Pedro, has urged.
“To reap the AfCFTA opportunities we must address Africa’s infrastructure gap,” Mr Pedro told participants at the Africa Regional Session of the 12th Annual Investment Meeting, adding that, to attract sustainable cross-border investments to Africa, “hard and soft infrastructure must be addressed.”
IMF Chief Advocates Africa Continental Free Trade Area.
The head of the International Monetary Fund is urging African countries to implement the Africa Continental Free Trade Area.
Speaking Friday in Nairobi, Kristalina Georgieva said intracontinental trade could grow by 53% if steps are taken to remove trade barriers and improve logistics and transportation.
Georgieva said there are many benefits to be gained from the Africa Continental Free Trade Area, or AfCFTA. But first, she said, reforms are needed to capture the full advantages, including what the IMF sees as the number one priority — reducing trade barriers, such as tariffs.
https://www.voanews.com/a/imf-chief-advocates-africa-continental-free-trade-area-/7080895.html
WEEKLY INFORMATION
12 MAY, 2023.
How Naira redesign and its aftermath affect free trade in Nigeria.
During the first quarter of 2023, Nigerians experienced cash circulation shortages due to the naira redesign policy. This policy negatively impacted several informal sector businesses, such as local retail shops, artisans, and commercial bus drivers.
First Tanzanian gets certificate of origin to trade on AfCFTA.
Presenting the certificate yesterday, the acting vice president of the Tanzania Chamber of Commerce, Industries, and Agriculture (TCCIA), Mr Vicent Minja said the certificate will allow the businessman to get a reduction in customs duty from 35 percent to 12 percent.
Namibia Welcomes First Digital Nomads.
Namibia officially recorded her first digital nomads just five months after the official launch of the country’s Digital Nomad Visa (DNV) on 11 October 2022. The programme was launched by the Ministry of Home Affairs, Immigration and Security (MHAISS) and the Namibia Investment Promotion and Development Board (NIPDB), with the aim of enhancing economic activity in the country. The first two digital nomad visa applications were approved on 14 February 2023.
https://allafrica.com/stories/202305090497.html
Value of Kenya exports to Tanzania tops EAC growth.
Kenya’s total exports to Tanzania posted the biggest growth among all East Africa Community(EAC) destinations in terms of absolute value last year, underlining the gains of a reset in the relations between the two countries.
National Consultations for drafting of Constitution for the EAC Political Confederation resumes in Kenya.
East African Community Headquarters, Arusha, Tanzania, 9th May, 2023: National consultations for the drafting of the Constitution of the East African Community (EAC) Political Confederation resumed in Mombasa, Kenya with the launch of 20-day long public hearing sessions across the country.
The 20-day consultations will see the team of constitutional experts for Drafting the EAC Political Federation Constitution hold consultations with civil society, local leaders, opinion leaders and the business community, among other stakeholders, to seek their views on what kind of a Political Confederation they would desire for the EAC.
The $2 billion Rwandan airport that could help African aviation take off.
Some 40 kilometers south of the Rwandan capital of Kigali in the Bugesera District, construction vehicles and high-visibility vests swarm across an arid expanse of land.
Here, two strips of tarmac are the cornerstone of a $2 billion airport, whose developers want it to be the jewel in the crown of Africa’s aviation industry.
AfCFTA: Effective implementation and reforms to boost growth - IMF report.
The departmental paper published Friday (May 5) examined the prospects for African trade integration in the context of a changing world amid the climate crisis, risks of geopolitical fragmentation, technological progress, and the continent’s prospective demographic growth.
The 64-page document found that comprehensive reforms combined with the AfCFTA implementation could increase the median merchandise trade flow between African countries by 53 percent and with the rest of the world by 15%.
WEEKLY INFORMATION
5 MAY, 2023.
The Role of Blockchain in Promoting Cross-border Trade in Africa.
Cross-border trade and commerce in Africa is an important part of the region’s economy, with room for expansion.
However, addressing the barriers to cross-border trade in Africa, such as inadequate infrastructure and high transportation costs, is critical to realizing the region’s full potential and driving economic growth and development.
The exchange of goods and services between African countries or between African countries and other parts of the world is referred to as cross-border trade in Africa.
https://blockbuild.africa/blockchain-cross-border-trade-in-africa/
Ruto urges swift removal of EAC trade restrictions.
The Kenyan leader criticised political boundaries as “old-fashioned and divisive” and urged the region to work together to build bridges of friendship.
“We must not give credibility to the artificial boundaries that exist in our region,” he said when he launched a flagship report on migration in the EA and Horn of Africa blocs.
women entrepreneurs for good
accelerator programme for early-stage entrepreneurs
https://www.opportunitiesforafricans.com/womenentrepreneurs4good-3-0-accelerator-programme/
United States and Africa: increased engagement regarding trade creating opportunities in the African free trade area.
The US has often expressed its support for #AfCFTA, stating that it wants to see the growth of Africa’s economic power in the world.
The trade partnership between the US and Africa has been strengthening for some time. In July 2021, the Biden Administration announced that it would renew the US Prosper Africa initiative, started in 2019, with a focus on increasing reciprocal trade and investment between the US and African countries.
WEEKLY INFORMATION
28 APRIL, 2023.
The East African Court of Justice delivers a landmark judgement on Kenya’s bilateral negotiation with the United States without involving the EAC Partner States.
The United States (U.S.) and Kenya commenced bilateral trade through the enactment of the African Opportunity and Growth Act (AGOA), signed in the year 2000.
The Growth Summit: Jobs and Opportunity for All.
The Summit aims to advance future opportunities and tackle current challenges through collaboration, foresight and innovation on three core themes.....kindly follow the link below 👇
https://www.weforum.org/events/the-growth-summit-jobs-and-opportunity-for-all-2023
Creating one currency for Africa difficult, it will take time – AfCTA Secretary-General Wamkele Mene
Secretary General of Africa Continental Free Trade Area (AfCTA), Wamkele Mene says disparities in the economic conditions in many countries across the continent are posing a significant challenge to the vision of the African Union to grow into a full economic union with its member states having one common currency, a condition requisite for boosting trade and economic development.