Compared to Asia, Europe, Africa has lowest trade integration levels- Osinbajo

Vice President Yemi Osinbajo has lamented the low levels of Africa’s trade integration, advocating for greater integration of African economies in order to foster accelerated development through strategic market exchange within the continent.

Osinbajo made this call at the inaugural meeting of the Africa Champions Group, an initiative of business and manufacturing stakeholders in the continent, on Saturday in Lagos.

He stated that regional integration was a necessary requirement for the continent’s development but had sadly remained at very low levels.

“We still have one of the lowest trade integration levels under 20 per cent while Asia is at 40 per cent and European integration is very much further ahead at about 60 per cent.

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“The fact remains that other regions play as a bloc but Africa is still largely splintered into several economies and the ease of doing business across the region remains a significant challenge.

Osinbajo however had cause for optimism, stating that with agenda 2063 of the AU, the situation of things was already changing.

The vice president specifically noted that the Continents Free Trade Area Initiative (CFTA) and the launch of the African passport and free movement of persons, showed how the continent intended to advance regional integration.

He revealed that the conference of the African Heads of State held in July focused on a lot of pro-integration initiatives, saying “and I am convinced that we are on the threshold of seeing a deeper and more integrated African market’’.

 

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