Oluchi Chibuzor 

Economic and development experts have stressed the need for Africa to deepen policy frameworks in order to realise the full potential of the African Continental Free Trade Area (AfCFTA). 

Speaking at a high level business forum on mobilising the private sector for Africa’s growth yesterday, the Chairman, NEPAD Business Group Nigeria (NBGN), Bashorun Randle, said the group stand firmly at the intersection of policy and enterprise, championing the role of the private sector as the engine of Africa’s growth and integration.

He said the event, themed, ‘Mobilising Africa’s Private Sector for AfCFTA towards Africa’s Economic Development Amid Global Uncertainty’, reflects both the urgency and the opportunity before the continent.

According to him, “The event reflects the urgency and the opportunity for us as a continent to build resilience, deepen collaboration. and harness the full potential of the African Continental Free Trade Area (AfCFTA) for incisive and sustainable development. AfCFTA represents one of the most ambitious undertakings in Africa’s economic history, creating a single market of over 1.4 billion people with a combined GDP of more than 53.4 trillion.”

On his part, the Lagos State Governor, Babajide Sanwo-Olu, said the continent must recognise that the African continental free trade area, (AfCFTA), is a strategic tool for reducing trade barriers, expanding markets and offering value chains for routes to expand. 

Represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Kaosarat Ambrose, Sanwo-Olu explained that as a state they have created platforms where public policy meets private vision and where businesses are given the freedom to thrive. 

He said, “Lagos State continues to invest in critical infrastructure, improve transport connectivity, strengthen logistic chains and build the digital backbone that modern trade requires. The Africa Continental Free Trade Area, AfCFTA, gives us that platform. It is a bold vision to unite our markets, remove barriers and create wealth across the continent.”

Speaking, the National President, Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Jani Ibrahim, said the country must strengthen regional supply chains, industrial linkages, and infrastructure to make intra-African trade viable and profitable. 

Commenting, the CEO, Centre for the Development of Private Enterprises, Dr. Muda Yusuf, called for the reform of government institutions across all levels.

“So there’s a whole need to reform the public sector institutions if you really want to make progress in this economy, because they are the ones that formulate policies. If they don’t get it right at that level, policies will not be right,” he said.