African countries have been warned that continuing to export materials raw is an unsustainable path of dependency.
The Consul-General of Ghana to Lagos, Ms. Samata Bukari, stated this in Lagos at the launch of Ecofairs Lagos 2024, with the theme, ‘Economic Potential of AfCFTA on Commerce and Trade in Africa’.
She noted that value addition to raw materials is key to economic development of the continent and attainment of the African Continent Free Trade Area (AfCFTA) goals.
“With AfFCTA, we are not indicating that Africa should trade only with Africans but where there are comparative advantages in Africa, why will you not take that advantage?
“We must add value to our natural resources before we attempt to sell them out. So our international friends should cut the cost of products by establishing factories and industries here to help us reduce unemployment for our youths.”
The Rwandan High Commissioner, Ambassador Christophe Baziuamo, said unlocking AfCFTA’s full potential required more than just eliminating tariffs, but must address the critical issue of infrastructures.
The Chief Executive Officer of Ecofairs, Mr. Sylvester Ejarkaminor, said the fair, which would be held on September 6-15, 2024, is a business initiative of ECOWAS and friendly countries in collaboration with the Lagos State Government.