As parts of efforts aimed at strengthening cooperation and facilitating cross boarder trade across Africa, the President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has urged African countries to create vehicles that would make it possible for manufacturers to trade across the continent. Prof. Oramah made this known yesterday while speaking at a High-level event on the Third Industrial Development Decade for Africa 2016-2019, organised at the United Nations Headquarters, New York.
The event which was well attended by a cross section of dignitaries from Africa had Li Yong, Director-General, United Nations Industrial Organisation; Albert Muchanga, African Union Commissioner for Trade and Industry; Dr. Adewunmi Adesina, President, African Development Bank; Dr. Vera Songwe, Executive Secretary, United nations Economic Commission for Africa; and Ali Mufuruki, Vice Chairman, AfroChampions Club as participants. A second session also featured President Apha Conde of Guinea; President Edgar Lungu of Zambia and Vice President Daniel Kablan Duncan of Cote d’Ivoire. The high-level event, held on the sidelines of the United Nations General Assembly, had the theme “Promoting innovation and infrastructure development: A pathway for boosting manufacturing in the Fourth Industrial Revolution”.
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Prof. Oramah argued that for manufacturers across the continent to make the much desired impact in getting their wares across to consumers, that there is need for a special vehicle that will help them in handling the marketing end of their products and the intricacies involved in export and trading. This is imperative because the manufacturers are not well versed equipped for those roles, he said. Export trading companies had been one of the approaches used to tackle that challenge, he said, adding that the creation of the African Continental Free Trade Area also attempted to address the issue.
Prof. Oramah said that previous efforts by African countries to use manufacturing and industrialisation as engines for development and growth had failed largely as a result of issues such as lack of access to market, lack of capital and skills and inadequate infrastructure. He stated that many large-scale investors had little interest in investing in Africa in a massive way because of the fragmented nature of the African market.
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The President suggested that Africa should focus more on labour-intensive manufacturing which had more net effect on the population than on capital intensive industries. He also stressed the need for Africa to focus on skills development, in particular, by going back to building technical schools and supporting universities of technology in order to equip people with the right skills for the kind of jobs that were beginning to emerge. Prof. Oramah used the opportunity to announce that Afreximbank had launched an equity investment fund, the Fund for Export Development in Africa, which would help attract foreign direct investment to support industrialisation and manufacturing in Africa.
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Caption for the Photograph
Afreximbank President Prof. Benedict Oramah (right) poses with other speakers, (L-R) Li Yong, Director-General, United Nations Industrial Organisation; President Apha Conde of Guinea; President Edgar Lungu of Zambia; vice President Daniel Kablan Duncan of Cote d’Ivoire and Albert Muchanga, African Union Commissioner for Trade and Industry, following the high-level event at the United Nations Headquarters.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.