AfCFTA: Nigeria can generate $537bn yearly – DBN
Managing Director, Development Bank of Nigeria (DBN), Tony Okpanachi has projected that the soon to be implemented Africa Continental Free Trade Area (AfCFTA) holds great economic development potential for Nigeria.
Okpanachi believes that regional integration through trade would propel Nigeria’s economic growth by offering preferential access to a much bigger single continental market for goods and services worth $416bn and $121.8bn respectively.
According to the development banker, this will also lead to an increase in investments in the real sector which provides opportunity to grow and diversify non-oil exports, improve export capacity and the current government reforms will also improve the country’s attractiveness for foreign direct investments.
Okpanachi, who gave these figures in his keynote address at the 41st Kaduna International Trade Fair Seminar of the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture (KADCCIMA), said unlocking the nation’s economic potential through regional trade is not the responsibility of the government alone, adding that raising the productivity growth of the private sector is key for regional integration to be beneficial to the country.
is even as he pointed out that intra-regional trade in Africa remains
relatively low compared to other continents, and this continues to make
business environment challenging for Africans.