By Emmanuel Elebeke
ABUJA—The Continental Free Trade Area, CFTA. will reposition Africa’s economy and bring together fifty-four African countries with a combined population of more than one billion people and a combined gross domestic product of over $3.4 trillion, United Nation Industrial Development Organisation, UNIDO, Representative and Regional Director Mr. Jan Bakole has said.
Mr. Bakole, who dropped the hint yesterday in Abuja during the African Industrial Day noted that several challenges remain for the CFTA to actualize its full potential, pointing out that industrialization at the country level remains a precondition for the effective implementation of the Continental Free Trade Area.
The theme of the event was: “African Industrial for an effective and sustainable continental Free Trade Area.”
Bankole noted that market size is a challenge to industrialization and for Africa to overcome the challenge, opportunities for scale production and better reallocation of resources and industries need to be explored.
He also stressed the need for policy adjustments to create a conducive environment for industrialization which include the promotion of regional and sub – regional corridors to help facilitate the continent’s participation in global value chains, trade and service, thus contributing to enhanced competitiveness.