Vice President Osinbajo seeks greater integration of African economies. - Soul 2 Soul Mates Blog

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10/14/2017

Vice President Osinbajo seeks greater integration of African economies.

Vice President Osinbajo seeks greater integration of African economies.

Vice President Yemi Osinbajo has called for greater integration of African economies to enable the continent to develop free trade among AU member nations.
Osinbajo made the 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 said that regional integration was a necessary requirement for the continent’s development but had remained at very low level.
“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.
“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, observed that flowing from agenda 2063 of the AU the entire thing was changing.
He noted that the Continents Free Trade Area Initiative (CFTA), the launch of the African passport and free movement of persons showed how the continent intended to grow in regional integration, which also showed how quickly the continent could move.
He said that the conference of the African Heads of State in July focused on a lot of those initiatives “and I am convinced that we are on the threshold of seeing a deeper and more integrated African market.’’

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