OBASANJO : SOUTH AFRICA CAN BE A CATALYST FOR INTRA-AFRICA TRADE

OBASANJO : SOUTH AFRICA CAN BE A CATALYST FOR INTRA-AFRICA TRADE

South Africa can be a catalyst for intra-Africa trade, and share its burden of economic migrants, but to do this it must export its investors to industrialize other countries.

These are the views of Speakers including former Nigeria President Olusegun Obasanjo who say the continent should industrialize inclusively.

They addressed the launch of the 1 billion US dollar South Africa – Africa Trade and Investment Programme (SATIPP ).

1 trillion US dollars, is the potential market that is the African continent but intra-Africa Trade is only 15% of that or 150billion US dollars.

“Lack of information is the biggest challenge; manufacturers don’t know what markets in other countries need,” said Dr. Benedict Okey Oramah, Afreximbank President.

Africa Export and Import Bank has partnered with the Export Credit Insurance Corporation of South Africa to make South Africa a catalyst in promoting continental trade

1 billion US dollars has been allocated for the SATIPP.

“We need inclusive industrialization to create the “Africa Factory” Afreximbank has the means to sustain economic growth of Africa,” said former Nigeria President, Olusegun Obasanjo.

Delegates say the focus areas of SATIPP that include risk undertaking and trade guarantees promise a new era.

The continent is concluding its Free Trade Area Agreement but this funding from AfreximBank is just 1% of the 100billion US dollars in Trade Finance required to unlock intra-Africa trade.

– Nthakoana Ngatane / SABC News

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Nigerians in South Africa
Nigerians in South Africa 1703 posts

We are about democracy, human rights, public opinion, political behavior, civil rights and policy aimed at improving the human condition, with a focus on African countries.

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