Addis Ababa: The economic integration of Africa must be seen as an existential issue, the former Nigerian Vice President Professor Yemi Osinbajo underscored. Professor Osinbajo stressed the importance of strong political leadership to push forward the African Continental Free Trade Area (AfCFTA), which is one of the key instruments to expediting economic integration on the African continent.
According to Ethiopian News Agency, AfCFTA, which encompasses the 55 African Union member states, is expected to create a market of 1.3 billion people with a combined GDP of 3.4 trillion USD when fully operationalized. AfCFTA is by far the most ambitious development project the continent has ever undertaken, and its success will define its economic future, Professor Osinbajo underlined.
“Economic integration of Africa should be seen as an existential issue,” Osinbajo emphasized, urging that this process should be approached as a political project, akin to the struggles for decolonization and the anti-apartheid movement. He believes that Africa’s economic integration is crucial not only for the continent’s overall prosperity but also for the survival of individual African states.
The Professor elaborated that the success of African integration through AfCFTA would mark a monumental achievement for African economies. “If the AfCFTA succeeds, it will mean phenomenal success for African economies,” he said.
On a related note, Wamkele Mene, Secretary-General of the AfCFTA, provided updates on the agreement’s progress. He revealed that 48 member states have ratified the AfCFTA, creating a strong legal framework for trade liberalization and economic integration. “We have 19 countries that have gazetted their tariff schedules, indicating they are ready to trade.”
Mene added that over 2,600 certificates of origin have been issued, demonstrating that trading is already underway. In addition, Mene highlighted ongoing efforts to establish trade aggregating companies to facilitate intra-Africa trade. These companies will enhance the efficiency of collecting goods from farmers, smallholder farmers, and SMEs.
To support these initiatives, Afreximbank has committed 750 million USD to support AfCFTA trading companies. He reaffirmed that the AfCFTA Secretariat remains committed to working with all stakeholders to accelerate implementation and maximize the Agreement’s impact.