Connect with us

Foreign

Continental free trade: Central Africa will benefit most — AfDB

Published

on

The African Development Bank (AfDB) said on Tuesday that Central Africa stood to benefit the most from the African Continental Free Trade Area (AfCFTA).

She said that Central Africa’s real income could increase by seven per cent in the 2019 African Economic Outlook.

“The scenarios measure the potential outcomes of the AfCFTA, ranging from one least impact to four greatest impact.

“While there are differences in gains, all African countries are better off with regional integration than without,’’ she said.

According to her, the current levels of growth are not enough to generate jobs for millions of unemployed Africans.

Morsy, however, said that regional integration could stimulate the growth needed to make an impact in unemployment.

The AfDB director of research said that Africa needed to grow by between four per cent and six per cent in order to turn the tide.

The Outlook predicts that Africa could add 4.5 per cent to its Gross Domestic Product (GDP) provided that governments non only did away with bilateral tariffs and non-tariff barriers but kept the rules of origin simple.

News Agency of Nigeria reports that the inauguration witnessed a panel discussion by Finance and Economic Planning Ministers, who are also Governors of the bank.

Aichatou Kane, a representative from Niger, said the Economic Community of West African States (ECOWAS) was in the “fast lane’’ of integration and planned to have its own currency in 12 months.

Burkina Faso, Zimbabwe, and Tanzania agreed that integration would help the continent remain relevant as a global economic player.

The theme of this year’s meeting is ‘Regional Integration for Africa’s Economic Prosperity’.

The Annual Meetings provide opportunities for experts, governments, businesses, civil society, think-tanks, and the academia to share candid assessments on regional integration efforts and dialogue on critical issues concerning Africa’s development.

The meeting which opened on Monday with dignitaries participating in  closed-door sessions continues on Wednesday.

 

 

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
M T W T F S S
« Dec    
 12345
6789101112
13141516171819
20212223242526
2728293031  

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng