Former Nigerian President Tells Africa To Be Bolder About Exploring New Markets

DURBAN (Pakistan Point News / Sputnik - 18th November, 2021) Former Nigerian President Olusegun Obasanjo said that he had sensed reticence among African nations to pursue new markets after striking a historic free trade area pact three years ago.

Speaking at the Intra-African Trade Fair in South Africa's Durban on Wednesday, Obasanjo said member states of the African Continental Free Trade Area (AfCFTA) needed to move with speed and make deals that would propel the continent forward.

"Ideas are not followed up, even good ideas are followed up but are not sustained, others are sustained but not maintained. As Africa we have learned from the first edition of the Intra-African Trade Fair in Cairo that deals are very important," he said.

Obasanjo suggested that Africa's colonial legacy was hindering nations from trading freely and equitably. He pointed to artificial boundaries created many years back, including Africa's division into Anglophone, Francophone and Portuguese-speaking states.

"This and that 'phone' has created divisions even though we are independent along phonic lines. We need to unite and exchange knowledge of how to sell and buy, people-to-people relations.. One major instrument for Africa would be the Intra-African Trade Fair. This is a game changer," he said.

Forty-four of the African Union's 55 member states have signed up to the free trade area arrangement, which has consolidated a market of $1.2 billion. Obasanjo said African nations needed to promote the "Made in Africa" brand by dual labeling.

"If it's made in Ghana then say 'Made in Africa-GH' and if it's made in Cote d'Ivoire 'Made in Africa-CD'... Take pride in what we have, the issue of the fear, allay the fear. The IATF is the engine of industrialization and selling within the continent will not only increase trade but enhance manufacturing," he said.

The week-long trade fair, reputed as Africa's biggest, kicked off on Monday. It is expected to see the signing of trade and investment deals worth more than $40 billion, up from $32 billion in 2018.