(Audio) Expert urges member states to create environment conducive for increased intra-African trade
Trade
By Lucy Nwachukwu
Abuja, Nov. 12, 2018 (NAN) Mr Benjamin Mutimura, Head of Corporate and Institutional Banking, I and M Bank Ltd, Rwanda, has urged African states to create an environment that would be conducive for increased trade within the continent.
Mutimura made the call in an interview with the News Agency of Nigeria (NAN), on the sidelines of the African Export-Import Bank’s (Afreximbank) Structured Trade Finance Seminar in Casablanca, Morroco.
According to him, increased volume of traded goods and strict regulatory policies can go a long way towards deepening trade in the continent.
Cue in audio (Mutimura)
“African trade represents almost two per cent of total trade. And intra-African trade represents only 16 per cent of the trade that Africa is doing with the rest of the world.
“So this shows really, that even though we can come up with instruments, first of all we need to make sure that we have traded goods and come up with appropriate instruments to facilitate trade.
“So, this session with Afrexim is timely and informative because it shows opportunities and what can be done more.
“It gives the right products, but how are we making use or how are we taking advantage of this opportunity to implement in our countries.
“It’s a very good opportunity, but there is still a long way to go.’’
Cue out audio
According to Mutimura, production needs to be encouraged to generate surplus for export.
He said that even while importing goods on the continent, it would be important for African leaders to facilitate the use of formal instruments to enhance security.
He said that the employment of formal instruments would also enhance competitiveness and product rating.
Mutimura added that traders that currently used the formal instruments were few in Africa, hence the need for improvement.
“We need to disseminate knowledge and facilitate those instruments so that people are fully aware of them and are able to use them on a larger scale,” he said. (NAN)
LCN/LAB/YEE
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Edited by Lydia Beshel/Emmanuel Yashim