Senior Partner of KPMG Nigeria and Chairman of KPMG Africa, Kunle Elebute has disclosed that the Africa Continental Free Trade Agreement (AfCFTA), if well implemented, has the potential to industrialise the continent. Elebute made this known at the closing ceremony of the 5th Africa Academy of Management Conference in Lagos, recently.

Speaking on the topic: “The Africa Continental Free Trade Agreement,” Elebute believed the trade agreement provided an opportunity for Africa to compete at the global level as a critical market with over 1.2 billion consumers. He described the AFCFTA as a platform for removing the trade barriers and tariff structures that inhibit the growth of Intra-African trade, including, progressive elimination of tariffs on intra-African trade, enhanced efficiency of customs procedures, uninhibited movement of persons, removal of visa requirements, mutual recognition of academic, professional and technical qualifications, creating a single rule book for trade and investment in Africa.

He noted that the AfCFTA treaty negotiations started in 2013, adding that it took three years to agree and another three years for most countries to sign.

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On the impact of the continental free trade agreement, Elebute listed the following areas of advantage to include improved ease of doing business across the continent, enhanced Africa’s investment profile (foreign investors see Africa as a single market), opportunities for knowledge and technology transfer, improved mobility of talents across the continent, infrastructure: rail, shipping lines etc.

Elebute informed the delegates that the AfCFTA would leverage on the sub-regional economic clusters in Africa such as the South Africa Development Community (SADEC), East African Community (EAC), and Economic Community for West African States (ECOWAS) to deepen trade and growth in Africa.

He highlighted the following as the key areas of value that Africa should derive from the AfCFTA, which include; A rules-based multilateral trading system for Africa, establishing a fair and impartial dispute resolution mechanism, stimulating Africa’s industrial development and employment creation, contributing to a positive investor climate in Africa.