Awolowo: Africa must increase production to fast-track AfCFTA

In a recent interview with CNBC Africa, Segun Awolowo, the Executive Secretary of the National Action Committee on AfCFTA, emphasized the importance of African countries increasing production, manufacturing, and industrial mindset to fast-track the implementation of the African Continental Free Trade Area (AfCFTA). Awolowo highlighted that speeding up the implementation of the AfCFTA would not only improve the African economy but also address concerns of domination. Awolowo expressed optimism about the potential of AfCFTA to lift African countries out of poverty through increased trade and job creation. He noted that fostering trade among African nations would significantly contribute to economic growth and development across the continent. He cited the example of the largest economies within trade blocs globally, emphasizing the need for African countries like Nigeria and South Africa to boost trade volumes between each other. One key initiative mentioned by Awolowo is the guided trade initiative spearheaded by the AfCFTA Secretariat in Ghana, in collaboration with South Africa. This initiative aims to facilitate trade between businesses in different African countries, showcasing the immense potential for increased trade volumes. Awolowo highlighted the importance of Nigeria's participation in this initiative to demonstrate its commitment to the AfCFTA and drive economic growth within the region. Addressing initial concerns about Nigeria's readiness to lead the AfCFTA implementation, Awolowo explained that President Buhari's government had taken steps to assess the impact of the agreement on Nigerian industries. The government's commitment to increasing production and preventing Nigeria from becoming a dumping ground for imported goods underscored the new mindset towards the AfCFTA. Awolowo expressed his anticipation for the day when Nigeria would be a key player in driving trade with products like refined oil from the Dangote refineries. Looking ahead, Awolowo highlighted the importance of ratifying protocols, gazetting agreements, and increasing production, manufacturing, and industrial capacity to accelerate the implementation of the AfCFTA. He stressed that by enhancing these key areas, African economies could thrive without the fear of domination or becoming dumping grounds for other countries. Awolowo praised President Tinubo for his bold reforms and political commitment to the AfCFTA, affirming Nigeria's dedication to the agreement. He emphasized that Nigeria's active participation in the AfCFTA would be crucial to driving economic prosperity and benefiting the country's industries. During his time at Davos, Awolowo's agenda focused on networking with global investors and business leaders to promote the AfCFTA and attract investment to African countries. He highlighted the positive reception from private investors who recognized the potential of the AfCFTA but emphasized the need for continued reforms and policy improvements to encourage more investment. Despite some challenges faced by Nigerian companies reassessing their production capacities, Awolowo reassured that the dynamic nature of trade could lead to new opportunities and continued growth. He underscored the importance of navigating these challenges and leveraging the potential of African trade to create mutually beneficial partnerships between the public and private sectors. In conclusion, Segun Awolowo's insights shed light on the vital role of production, manufacturing, and increased trade in driving the successful implementation of the AfCFTA. As African countries work towards enhancing their industrial capacities and fostering intra-African trade, the vision of a prosperous and interconnected African economy moves closer to becoming a reality.