Elvis O. Ogah M.Sc, MA, MPhil. Ph.D’s Post

Last week on AfCFTA 🚪 With the world being a global village, trade is an important economic factor for the development of many economies. Trading dates back to centuries where an early form of trade- barter, saw the direct exchange of goods and services for other goods and services. On the continent of Africa, the African Union (AU), outlines several flagship projects of which the African Continental Free Trade Agreement (AfCFTA) is a part of. Ghana’s selection as the headquarters for the AfCFTA Secretariat can be attributed to the political stability the country has, its strategic geographical location in West Africa, and being touted by the World Bank and International Monetary Fund as one of the fastest growing economies in 2019. 🗨 Standard Chartered Bank is leading the change, committed to unlocking economic growth and fostering regional integration and facilitating cross border trade and investment. ✅️ A free trade agreement will increase Ghana’s competitiveness, boost industrialization and infrastructure development for the economy and across the continent. ✅️ A free trade area will be an enabler for the attraction of Foreign Direct Investment (FDI) into Ghana and the continent. #AfCFTA #Africa #Investment #FreeTrade ##BuildWealthWithStanChart ##OptionsExist #StandardCharteredBank #HereForGood #Ghana

Collaboration is key to AfCFTA success! 🌍 Last month, we teamed up with the African Continental Free Trade Area (AfCFTA) Secretariat and Ministries of Trade in Rwanda, Ghana and Uganda to deliver a series of targeted capacity-building workshops empowering businesses and governments to make the most of the landmark AfCFTA. Together, we fostered knowledge-sharing, ignited public-private dialogue and empowered stakeholders to seize AfCFTA opportunities, unlocking trade potential. ⭕ In Rwanda, we AfCFTA implementation capacity with the National Implementation Committee in Rwanda. ⭕ In Ghana, we empowered stakeholders on AfCFTA Rules of Origin and Digital Trade Protocol. ⭕ In Uganda, we equipped public-private stakeholders with AfCFTA protocols, implementation strategies and best practices from Ghana’s National AfCFTA Coordination Office. A huge thanks to the AfCFTA Secretariat, Ministries of Trade, our expert team and all participants. These workshops were made possible with support from the UK's Foreign, Commonwealth and Development Office. Through the Supporting Investment and Trade in Africa (SITA) programme, we: 🤝 Support AfCFTA negotiations 🛠️ Assist with country-level AfCFTA implementation 💼 Undertake policy analysis To find out more about SITA, visit: https://buff.ly/3xDWZyJ #Rwanda #Ghana #Uganda #AfCFTA #OneAfricanMarket #TradeAndInvestment #IntraAfricanTrade

Nigeria's first shipment under AfCFTA --- Nigeria prepares to send its first shipment under the African Continental Free Trade Area (#AfCFTA) agreement. This landmark event marks a significant milestone for both Nigeria and the broader African economic landscape. As one of Africa's largest economies, Nigeria's active participation in AfCFTA is expected to catalyse intra-African trade and foster economic growth across the continent. Nigeria's inaugural shipment under this agreement symbolises the country's commitment to regional integration and its readiness to tap into new markets. This move is anticipated to boost Nigeria's export diversification efforts, create job opportunities, and enhance the competitiveness of Nigerian products in the African marketplace. As other African nations watch closely, Nigeria's step forward could inspire increased participation in the #AfCFTA, potentially unlocking unprecedented economic opportunities for the entire continent. Well done Naija! Onward and forward we match! #rdcdiaries #AfCFTA #boostingintraafricanntrade #nigeria

Exciting times ahead as Nigeria charts a new course beyond oil dependency towards economic diversification and trade expansion! With the African Continental Free Trade Area (#AfCFTA) paving the way, Nigeria has the opportunity to unlock its potential, foster regional partnerships, and strengthen its position in global trade. Let's embrace this transformative journey together towards sustainable growth and prosperity. Looking forward to the CBW Africa Summit 2025 as a platform to drive innovation, collaboration, and progress in shaping Africa's economic future. 🌱 #TradeDiversification #AFCTA #EconomicEmpowerment #NigeriaRising"

Nigeria's Trade with Africa Booming Despite AfCFTA Hurdles! Nigeria's trade with fellow African nations is on the rise! * ₦2.64 trillion in trade recorded in Q1 2024, despite not participating fully in AfCFTA. * Strong performance within ECOWAS region, with ₦1.25 trillion exported by Nigeria. * Top export partners: South Africa, Ivory Coast, Senegal, Benin, Togo. * Top imports from Africa: South Africa, Ivory Coast, Togo, Egypt, Morocco. These figures show strong trade ties between Nigeria and other African countries, even without AfCFTA being fully operational. What are your thoughts on Nigeria's trade prospects within Africa? #Nigeria #Trade #Africa #ECOWAS #AfCFTA Read More: https://lnkd.in/dgyKKypr

🌍 Exploring the Success of #AfCFTA Negotiations: Insights and Future Prospects 🌍 The #African Continental Free Trade Area (AfCFTA) represents a monumental step towards economic integration across Africa, but the path to its realization was anything but simple. As we delve into the data and documents surrounding these negotiations, we are also seeking first-hand perspectives from those directly involved. Here are some key themes we are exploring: 1. Negotiation Atmosphere: The sense of urgency and optimism was palpable, but so were the challenges. Aligning the diverse economic interests of 55 countries required overcoming significant obstacles, from tariff reductions to concerns about sovereignty. 2. Key Drivers: Countries like South Africa, Nigeria, and Kenya, along with influential leaders, played pivotal roles in pushing the negotiations forward, driven by a strong sense of pan-Africanism and the economic potential of a unified market. 3. Beyond Economics: While economic benefits were central, discussions also emphasized political unity, social integration, and sustainable development as critical outcomes of AfCFTA. 4. Future Prospects: In the near term, the focus is on effective implementation, while the long-term vision sees AfCFTA reshaping Africa’s economic landscape, fostering self-sufficiency, and creating a more integrated continent. The success of AfCFTA will depend on continued political will, capacity-building, and addressing structural challenges. We are eager to learn more from those who were part of this transformative process. AfCFTA Africa Trade EconomicIntegration PanAfricanism Leadership SustainableDevelopment

We are honoured to have witnessed and participated in the launch of Nigeria’s inaugural export under the Africa Continental Free Trade Area AfCFTA Guided Trade Initiative (GTI) in Apapa, Lagos. The African Continental Free Trade Area (AfCFTA) is a trade agreement among African Union member states, creating a single continental market for goods and services. This marks a significant step towards enhancing intra-African trade and economic integration. As Nigeria enters the next phase of the GTI, we remain committed to supporting the AfCFTA office under the able leadership of Mr. Olusegun Awolowo and also encouraging businesses to take advantage of the opportunities under AfCFTA, to export locally produced goods to markets across the continent. This launch had shipments to Kenya, Cameroon, Uganda, Zambia, and Egypt. Organized by the Nigerian AfCFTA Coordination Office in collaboration with the AfCFTA Secretariat, this initiative confirms Nigeria’s readiness to embrace the benefits of the GTI, foster collaboration among member states, and boost private sector growth. #AfCFTA #IntraAfricanTrade #EconomicIntegration #GTI #NigeriaExports #TradeOpportunities #AfricaGrowth #PrivateSector #Collaboration

The East African Community (EAC) stands on the brink of a historic transformation as Ethiopia, Africa's second-most populous country and one of its fastest-growing economies, prepares to join its ranks. With negotiations underway and momentum building, Ethiopia's prospective membership promises to redefine the regional dynamics, unlocking immense economic potential and paving the way for a new era of collaboration and prosperity across East Africa. As negotiations progress and preparations for Ethiopia's accession advance, the East Africa Court of Justice (EACJ) will continue to play a crucial role in ensuring the effective implementation of regional laws in a manner that facilitates cross-border trade, investment, collaboration, and promotion of the rule of law and the resolution of legal disputes within the expanded EAC framework. #EACIntegrationEthiopia #EACJ #EALS #EAC #EastAfricaBusinessCouncil #KenyaAssociationOfManufacturers #KenyaAssociationOfInsurers #KenyaBankersAssociation

**The Tipping Point: Nigeria's Fight for Survival** The fundamental idea is that Nigeria stands at a critical juncture, facing a tipping point that will determine its future as a nation. The country is grappling with a confluence of daunting challenges - political instability, economic stagnation, endemic corruption, and the escalating threats of terrorism, banditry, and separatist movements. These interrelated crises have pushed Nigeria to the brink, eroding public trust and institutional legitimacy. Like a complex system approaching a critical threshold, Nigeria is teetering on the edge of collapse or transformation. The actions taken (or not taken) by the government, civil society, and the Nigerian people in the next few years will decide whether the country plunges into widespread chaos and disintegration, or emerges as a more resilient, equitable, and prosperous nation. The urgency for change stems from the stark reality that Nigeria cannot continue on its current trajectory without risking catastrophic consequences. The status quo is unsustainable and threatens to unravel the fragile social fabric and territorial integrity of Africa's most populous country. Fundamental reforms - in governance, the economy, and the social contract between the state and citizens - are necessary to steer Nigeria away from the precipice and towards a more hopeful future. This pivotal moment presents both great peril and great promise. The choices made today will echo through generations, determining whether Nigeria fulfils its immense potential or succumbs to the forces of fragmentation and decline. The time for incremental tinkering has passed - Nigeria must summon the courage and vision to reimagine itself, or risk being consigned to the annals of failed states.

Update on AGOA Agreement between the US and Africa. - US senators introduced a bill to extend the African Growth and Opportunity Act (AGOA) until 2041. - The current iteration of AGOA is due to expire in 2025. - The extension would help 40 sub-Saharan African nations maintain duty-free access to the world's biggest economy. - AGOA has played a critical role in advancing economic development and strengthening US economic engagement in the region. - The bill would update how the US evaluates and enforces nations' eligibility to benefit from AGOA. - North African nations' inputs can count toward the requirement that 35% of a product's value originate in the region. - This helps support the development of intra-African supply chains. - If a country is classified as high income, they would only lose access to AGOA if they maintain high-income status for five years. Read more . https://lnkd.in/eaGrhPAi