Kalu Advocates AfCFTA as Key to Africa's Economic Growth

Benjamin Kalu, the Deputy Speaker of Nigeria's House of Representatives, addressed the ECOWAS Parliament's first extraordinary session seminar on the African Continental Free Trade Area (AfCFTA) in Abuja. He described AfCFTA as a strategic engine that could significantly enhance Africa's economic development.

Kalu noted that intra-ECOWAS trade currently stands at $220.3 billion, reflecting a 16% increase, yet it constitutes only 11.5% of the region's total trade. He called for a focus on bridging infrastructure gaps, citing the unfinished Abidjan-Lagos corridor as a critical issue.

Kalu stressed the importance of addressing non-tariff barriers and administrative inefficiencies that hinder trade. He advocated for the adoption of the Pan-African Payment Settlement System (PAPSS) to facilitate trade payments and reduce dependence on the dollar, which incurs an annual transaction cost of $5 billion for Africa.

The seminar aims to strengthen the advocacy for AfCFTA's implementation and will conclude on Saturday.