New Telegraph

Afreximbank: AfCFTA may yield $84bn in exports

The African Continental Free Trade Area (AfCFTA) deal could help to realize more than $84 billion in untapped intra-African exports, according to a new report by the African Export-Import Bank (Afreximbank).

If the export potential is tapped under the deal, intra-continental trade could rise to more than $231 billion, or about 22% of total African commerce, even if all other conditions remained the same, Afreximbank said.

Commerce under the trade pact is due to start from Jan. 1. The region could be the world’s biggest free-trade zone by area with a potential market of 1.2 billion people and a combined gross domestic product of $2.5 trillion, when the deal is fully operational  seby 2030.

Most of the untapped gains would come from southern Africa, from sectors “already proven to be internationally competitive and which have good prospects for export success in other African markets,” such as mineral commodities, machinery, food products, vehicles and parts, plastics and rubber, Afreximbank said.

The greater export potential enjoyed by southern Africa and also North Africa, “largely reflects the complexity and sophisticated nature of the South African and Egyptian economies in a region where industrial products and manufactured goods are the leading drivers of cross-border formal trade,” the lender said

Read Previous

COVID-19: NFF board member, Emmanuel Ibah, dies at 61

Read Next

PFN knocks Buhari over kidnap of Katsina schoolboys

Leave a Reply

Your email address will not be published. Required fields are marked *