Nigeria hopeful of income gain of $450bn in AfCFTA

Vice President Yemi Osinbajo says there is a potential income gains of up to $450 billion from the African Continental Free Trade Area (AfCFTA).

Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said the vice president spoke virtually at the closing of the 2021 Conference of African Insurance Practitioners.

The theme of conference is, “Rebuilding Africa’s Economy: An Insurance Perspective.”

He said that amidst monumental challenges posed by climate change, particularly energy transition and related issues, the coming decade anchored on AfCFTA) offered great opportunities for Africa’s socio-economic transformation.

Osinbajo urged African insurance practitioners to leverage opportunities in the AfCFTA

He said: “Every smart economic grouping, whether governments or businesses, must be thinking, planning and strategizing for these new times.

“The free trade agreement presents a major opportunity for African countries.

“By some estimates, if we get it right, we can bring several millions out of extreme poverty and raise the incomes of 68 million others who live on less than 5.50 dollars per day.

“There are potential income gains of up to 450 billion dollars, and just cutting red tape and simplifying customs procedures alone could drive up to 250 billion dollars of that sum.”

He said that all amounted to plenty opportunities for the insurance industry in Africa.


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