Africa must trade smart by focusing on intra-African trade

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), said that with the rapidly changing trading world and the growing echoes of unilateralism, Africa needs to trade intelligently, starting with ensuring rapid growth of intra-African trade. Speaking in Abuja at a gala dinner held to mark the 2018 Annual Meetings and the 25th Anniversary of the African Export-Import Bank (Afreximbank), Dr. Adesina emphasized the important role of the African Continental Free Trade Area (AfCFTA) in this recital that, once fully implemented, AfCFTA would increase the share of intra-African trade in Africa's total trade in Africa. at 52%.

"This would also increase by $ 35 the value of goods and services traded in Africa. Billionaire a year."

Dr. Adesina commented on Afreximbank for his achievements, saying that the ADB was very proud that the company had a good reputation. institution that she helped create 25 years ago reached its majority.

"Today, Afreximbank is the leader in trade finance in Africa," he said.

Stressing the importance of trade finance, especially for small and medium-sized enterprises (SMEs), Dr Adesina said the AfDB called for a strong partnership between AfDB and Afreximbank in the development of free export zones, especially areas of processing of staple crops, so that to help transform rural economies based on agricultural industrialization and value-added.

Earlier, Dr. Mahmud Isa-Dutse, Permanent Secretary at the Ministry of Finance of Nigeria, who hosted the gala dinner, congratulated Afreximbank on the celebration of its 25th anniversary.

He pledged Nigeria's continued support for the Bank as it pursued its mandate of promoting African trade.