Global economic stakeholders have pledged their support for Ecofairs 2024 as part of efforts aimed at enhancing the goals of intra-African trade under the Africa Continental Free Trade Area (AfCFTA).
Ecofairs is a business initiative of the Economic Community of West African States (ECOWAS) and Friendly Countries in collaboration with the Lagos state government.
Speaking at the Ecofairs news briefing on Friday in Lagos, the Head of the Economic and Commercial Office, Embassy of the Arab Republic of Egypt, Mr Amr Altantawy, said Ecofairs would enhance trade and investment between African countries.
He stated that African economic development was one of the top priorities of Egypt, noting that both Egypt and Nigeria have a strong presence and influence in all African forums and entities.
Altantawy emphasised the need to cooperate, to fully implement AfCFTA to benefit from its advantages.
“We believe that this step will encourage trade between our countries, especially in the sectors of food industries, agriculture, mining, energy, construction, infrastructure, textiles, health and medical industries, information technology, and much more.
“To increase trade volume between Nigeria and Egypt, two major Egyptian companies such as Orascom and Hassan Allam for construction are looking forward to participating in the major projects in Nigeria mainly in the power sector and construction.
“I believe that Nigeria is a major gate for West Africa and we can work together and maximize the volume of trade and investments to achieve mutual interests and benefits to Egypt and Nigeria,” he said.
Also speaking, the Consul General of Ghana, Ms Samantha Bukari, said efforts must be put in place to make sure that the AfCFTA is well embraced by Africa and their friends worldwide.
Bukari also stated the need to further eliminate trade barriers to allow the continent to have a comparative advantage worldwide.
“While the activities of Ecofairs would sell the continent, we must add value to our natural resources before we attempt to sell them out. Nigeria is a big economic country and the country must, with other African countries, cooperate, understand, share best practices and improve on all sectors of the economy,” she said.
On his part, the Rwanda High Commissioner, Ambassador Christophe Baziuamo, said the AfCFTA stood as a testament to the collective vision of a united continent in commerce and trade.
He said Rwanda, like many other African nations, recognised the immense potential the agreement held.
He, however, stated that unlocking AfCFTA’s full potential required more than just eliminating tariffs, but must address the critical issue of infrastructure.
According to him, without robust ground, air, and water transport networks, efficient logistics will remain a dream.
