Vice President Yemi Osinbajo says there is a potential income gains of up to $450 billion from the African Continental Free Trade Area (AfCFTA).<\/p>\n\n\n\n
Osinbajo\u2019s 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.<\/p>\n\n\n\n
The theme of conference is, \u201cRebuilding Africa\u2019s Economy: An Insurance Perspective.\u201d<\/p>\n\n\n\n
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\u2019s socio-economic transformation.<\/p>\n\n\n\n
Osinbajo urged African insurance practitioners to leverage opportunities in the AfCFTA<\/p>\n\n\n\n
He said: \u201cEvery smart economic grouping, whether governments or businesses, must be thinking, planning and strategizing for these new times.<\/p>\n\n\n\n
\u201cThe free trade agreement presents a major opportunity for African countries.<\/p>\n\n\n\n
\u201cBy 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.<\/p>\n\n\n\n
\u201cThere 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.\u201d<\/p>\n\n\n\n
He said that all amounted to plenty opportunities for the insurance industry in Africa.<\/p>\n\n\n\n