The Minister for Industry, Trade and Investments, Otunba Niyi Adebayo, has called for increased intra-African trade, to reduce the continent’s vulnerability to external macroeconomic shocks and protectionist trade policies.
Speaking on Thursday, at the 2019 edition of the Africa Industrialisation Day (AID), in Calabar, Cross River State, the Minister emphasized that increased intra-Africa trade will improve export sophistication across the continent.
“If Africa is to fulfill its potential of diversifying and transforming its economies through the AfCFTA, African countries must begin the work of implementing strategies for exports, diversification, industrialization, and value chain development.
“The road ahead to realising these opportunities are tough and challenging but we have no choice but to tackle them head on.
“On our part, the Nigerian Government is committed to resolving the constraints which remain in our business environment.
“Relevant teams across the Government are implementing various initiatives that address key areas of concern such as the need for modern infrastructure, power supply and good road networks; improving the patronage of locally made goods; bridging the gap in skills and innovation, improving the ease of doing business, improving cost and access to finance for SMEs, resolving multiple taxation, amongst others,” the Minister said.