Browsing: Africa Continental Free Trade Agreement (AfCFTA)

• The bilateral pacts were signed at State House, Nairobi and witnessed by President Uhuru Kenyatta and his Bissau counterpart Umaro Sissoco Embaló
• Top on the list of agreements was a deal to establish a Joint Commission for Cooperation (JCC)
• The duo signed a Memorandum of Understanding (MOU) on the establishment of Political and Diplomatic Consultations between the two countries
• Uhuru later met his Somalian counterpart Hassan Sheikh Mohamud and signed several agreements aimed at restoring ties between Nairobi and Mogadishu following a diplomatic standoff

On November 20, Africa will mark the Africa Industrialization day.

Since 2018, the Africa Industrialization Day has been successfully commemorated with weeklong events. The Africa Union Commission last year hosted the 2020 Africa Industrialization Week celebrations (#AIW2020) on 16-20 November 2020, under the theme “Inclusive and sustainable industrialisation in the AfCFTA and COVID-19 era”.

Economic growth

Industrial development is of critical importance for sustained and inclusive economic growth in African countries. Industry can enhance productivity, increase the capabilities of the workforce, and generate employment, by introducing new equipment and new techniques.

Industrialization, with strong linkages to domestic economies, will help African countries achieve high growth rates, diversify their economies and reduce their exposure to external shocks.

This will substantially contribute to poverty eradication through employment and wealth creation.

China success

Over the last few years , African leaders have been pursuing policies designed to mimic the path China took to …

The 1.5km Nigerian-Cameroon double lane bridge linking the two countries from Ekot-Mfum, Etung Local Government Area of Cross River state is set to boost trade, the Federal Government of Nigeria has disclosed.

According to the Minister of Works and Housing Mr Babatunde Fashola the bridge, which is being funded by both countries will also strengthen ties and improve security.

Memorandum of understanding

The two countries had signed a memorandum of understanding (MoU) seeking funds from the bank and other development partners to execute the road transport corridor.

The minister who spoke on Monday said the bridge is the first shoot of the harvest of completed projects proposed as the President Muhammadu Buhari administration enters the second phase of the second term on its way out.

Fashola also shared some pictures of the completed bridge.

Trade and business

He further pointed out that Nigeria has had a strong relationship with the …

The Ghananian government officially handed over the headquarters of the African Continental Free Trade Area (AfCFTA) Secretariat to the African Union.

The ceremony which was held in Accra, Ghana was attended by Ghanaian President Nana Akufo-Addo, Moussa Faki Mahamat, African Union Commission Chairman and AfCFTA Secretary-General Wamkele Mene.

Ghana was selected as the venue for the headquarters by African leaders during a Summit of AU heads of states in July 2019, to launch the implementation phase of the African Continental Free Trade Area.

“The economic integration of Africa will lay strong foundations for an Africa beyond aid. Africa’s new sense of urgency and aspiration of true self-reliance will be amply demonstrated by today’s ceremony,” Akufo-Addo said.

He also appealed to 28 member states that have not ratified to do so before the next AU summit in December so as to pave the way for the smooth commencement of trading from …

AfCFTA, when fully ratified, will cover more than 1.2 billion people with a combined GDP of USD2.5 trillion.…