Africa’ Needs $120.83bn Investment In AfCFTA Transport Equipment By 2030 – Expert

By Roland Ekama 

The National Coordinator, Africa Continental Free Trade Agreement (AFCFTA) in Nigeria, Olusegun Awolowo has predicted a whooping $120.83 billion Investment for the effective implementation of the Continental commerce  transport infrastructure to aid trade facilitation.

 

Awolowo disclosed this on Wednesday in Lagos .

The National Coordinator was represented by the Senior Trade Expert at the Nigeria AfCFTA Coordination Office Mr. Olusegun Olutayo , who spoke at the sub regional seminar and meeting of the standard Committee No.1 on trade and transport of the Union of Africa Shippers Council (UASC) held in Lagos on Wednesday.

According to him, the Economic Report on Africa 2025, disclosed that the continent requires $120.83 billion investment in transport equipment by 2030 to support AfCFTA streamlines regulations and strategic trade facilitation measures to maximise the benefits of the agreement.

Awolowo emphasized the critical role shippers’ councils play in boosting intra-African trade and facilitating efficient transport connectivity.

On free trade implementation, he pointed out that the seminar revealed that West and Central African countries are at varying stages of preparedness.

The expert affirmed that while some countries have established institutional implementation frameworks, others are undertaking institutional and strategic preparedness.

He stressed that as at 2024, 42 State Parties and 3 RECs have developed implementation strategies, noting that the ECOWAS is one of those RECS.

 

Awolowo added that”Furthermore, intra-African exports is dominated by manufactured good that stood at 46% share indicate huge potential for value addition and less for primary commodities

“Amidst this strategy, shippers/s councils have a critical role to play in connecting State Parties and increasing intra-African trade.

He maintained that the ECOWAS is also working on developing maritime links and some sea routes to improve regional shipping and launched a digital certificate of origin to simplify trade procedures.

Therefore, the expert affirmed that member states are expected to align their regulatory procedures by domesticating the provisions of the AfCFTA Agreement to facilitate trade, simplify procedures, link land to sea through trade corridor development and management, transit management and collaboration with shippers’ Councils.

He said Shipper’s councils have an important role to play in ensuring efficiency in trading and that at the regional level, the ECOWAS is making efforts to ensure effective implementation of the AfCFTA Agreement.

Apparently determined for Nigeria a successful participation on the continental trade , Awolowo  pointed out that ” As Shippers have a key role to play in connecting State Parties, increasing trade and providing low-cost and efficient transportation. Trade facilitation will play a crucial role in creating the enabling environment for shippers.

The expert  reiterated that measures such as transparent customs procedures, simplified border procedures, harmonised transit procedure, regional corridor management, automation and digitalisation are indicators that could enhance transport connectivity bearing in mind the link between regulation, logistics and shipping.by enhancing and supporting the continental supply value chain through regulatory compliance, technology deployment to automate and digitalise shipping procedures and regulatory compliance.

The event put together by the Nigerian Shippers Council has its theme, “Readiness of countries of West and Central Africa in the implementation of the agreement establishing the AfCFTA, the role of Shippers Council.