By Melvin Onwubuke
Africa’s contribution to global trade remains at less than 3%, according to Economic Commission for Africa report.
The report on assessment of progress on regional integration in Africa indicates, Africa’s regional integration agenda is progressing, yet, slowly, according to nairametrics.
It is mainly ascribed to trade in goods, implying that Africa continues to be more engaged with countries beyond the continent, than it is with each.
Meanwhile, in its efforts to improve infrastructure, the African Infrastructure Development Program has achieved mixed results.
Also, there is significant growth in roads and ICT, advancements in rail transport and energy infrastructure have been low with financing posing a notable challenge.
Stephen Karingi, ECA Director, Regional Integration and Trade Division stated, the biggest challenges, facing the continent are constitutional changes in government across the continent, unemployment and poverty.
In his remark, Karingi said “The rising number of unconstitutional changes of Government highlights the ongoing challenges afflicting African countries, including weak governance, persistent poverty and limited employment opportunities.
“The effective implementation of the Agreement will determine the extent to which the continent can derive the benefits of free markets and trade integration for the overall benefit of the people on the African continent.”
The report further emphasized, that though, the agreement establishing the African Continental Free Trade Area officially started on January 1, 2021, the expected advancement in trade between African countries have not been realized.
