Former Executive Director of the Nigerian Export Promotion Council (NEPC), Según Awolowo, has appealed to financial institutions to support micro, small, and medium-sized enterprises (MSMEs) and encourage them to participate in the African Continental Free Trade Area (AfCFTA).
Awolowo stated this in his goodwill message at the Zenith Bank Non-Oil Export Seminar held in Lagos.
He gave an in-depth description of the numerous opportunities offered by the AfCFTA, including those in the automotive, agricultural, and agro-processing, pharmaceutical, transportation, and logistics industries.
Awolowo who is the Secretary, National Action Committee AfCFTA explained that with 1.3 billion people spread across 55 countries and a combined gross domestic product (GDP) of $3.4 trillion, there are many opportunities for Nigeria to benefit economically and socially from the AfCTA, including the potential for future infrastructure improvements and the removal of tariff and non-tariff barriers to cross-border trade.
He recalled that in 2015 during the first seminar, he presented what he called the newly constructed zero oil plan, an economic blueprint, for the diversification of Nigeria’s economy, emphasizing the need for Nigeria to remain resilient in a global economy.
He said that during his tenure as the Executive Director, NEPC’s, they had identified 22 products for which Nigeria needed to improve production levels in order to earn at least $30 billion yearly.
The Lecture
Speaking on the theme “Nigerian Non-Oil Export Industry; The Present and The Future”, Segun Awolowo said: “The theme inherently poses two questions; firstly, what is the present? Secondly, what is the future? From my vantage the answer to these questions is simply; an ambitious drive to rapidly increase the volume of Intra-African Trade, under (AfCFTA).”
He said there is an increase in demand for both professional services facilitated by information technology and those that are not.
“There is a huge skills gap across Africa in the required industries therefore actions must be taken to address this, if we are to succeed at attaining an industrial revolution in Africa. You must know, that when I say industrial revolution, I am also talking about the 4th industrial revolution, which includes the most cutting-edge hi-tech industries,”
While applauding Zenith Bank for its effective role in ensuring that Nigeria remained committed to her dream of becoming a non-oil exporting country, he emphasized that Zenith Bank and other financial institutions across Africa must carry along (MSMEs) and support them to participate effectively in the AfCFTA, especially through tailored financial products and capacity building.
“You would play a key role in facilitating trade between Nigerian businesses and businesses in the African countries where you are currently present, Ghana, Sierra Leone, and Gambia, while also expanding your footprint to other African countries.
“You must not only be known as the non-oil export bank, but also the AfCFTA bank. I have great hopes and confidence that just as you did with the Zero Oil Plan you would also do with the AfCFTA,” he added.
Credit: thenationonlineng.net
