African governments have been called upon to unlock the full potential of the African Continental Free Trade Area (AfCTFA) by prioritising the harmonisation of customs and trade policies, as this agreement remains pivotal to the overall economic prosperity of the continent.
The Chief Executive Officer, Lagos Free Zone, Mrs. Adesuwa Ladoja stated this during a panel session titled, "From factory to port: Why infrastructure will drive Africa's industrial revolution," at the Africa CEO Forum held in Abidjan, Cote d'Ivoire.
Speaking during the session, Ladoja stressed the need for African countries to work together in aligning policies to unleash the full benefits of AfCFTA.
Keep up with the latest headlines on WhatsApp | LinkedIn
According to her, "The transformative power of AfCFTA lies in our ability to act collectively. Policy alignment across African states is not optional, it is essential. We cannot afford to stay on the sidelines while the world evolves. Government leadership, in partnership with the private sector, is critical."
She further emphasised the need for infrastructure integration, industrial policy alignment, and inclusive growth as the foundation for Africa's economic transformation. She went further to highlight the unique advantages of the Zone's integrated ecosystem which offers a safe and efficient platform for global investors, citing Lekki Deep Sea Port as a major driver of Nigeria's logistics growth.
According to her, the port features a modern container terminal, advanced ship-to-shore cranes, scanners, and other state-of-the-art facilities operated by global partners such as CMA CGM.
"With tariff rates from Nigeria at 14% and other African countries averaging 10 per cent, there is a clear opportunity to move manufacturing hubs to Africa and export globally at more competitive rates, what we must do now is replace friction with efficiency. As of today, Lekki Port handles about 25 per cent of all container traffic (TEUs) into Nigeria; a testament to the value we've built into the system. Despite global challenges like the COVID-19 pandemic and the Russia-Ukraine war, we've not only remained resilient but continued to thrive," she noted.
While calling for increased collaboration between the public and private sector, she explained that the Zone has evolved from a greenfield venture to a thriving economic ecosystem with over $2.75 in employed capital as a result of investment in infrastructure development.
Commenting on the emerging global trade tensions and shifting tariff structure, she urged African governments to seize the opportunity to reposition the continent as a competitive manufacturing base.
