Business - Business & Economy - News - November 16, 2021

AFCFTA will boost revenue, jobs creation, says Osinbajo

MEDIATRACNET

The African Continental Free Trade Area (AFCFTA) agreement will increase revenues and jobs creation opportunities for young population in Africa, Vice President Yemi Osinbajo has said.

The VP spoke on Monday at the fourth Edition of the National Tourism Transportation Summit and Exhibition in Abuja on the theme: “Tourism Transportation Connectivity and Partnership: Leveraging the African Continental Free Trade Area (AFCFTA) Regime for Economic Sustainability.’’
The vice president, who was represented by the Director-General, Nigerian Tourism Development Corporation (NTDC), Folorunsho Coker, described the AFCFTA agreement as a great mutual benefit for countries that have signed it.

“The AFCFTA action agreement is a wonderful thing to happen at this time because of the increase in revenue that it will generate, particularly jobs for young population in Africa.

“It will also enhance increase in disposable incomes for households, those increases we need. It is a good thing that we are in this collaborative agreement with 51 countries that have signed it,’’ Osinbajo said.

He called for the review of laws regulating tourism industry in order to meet the international standard.

Noting that a lot of rules and regulations were a bit old, Osinbajo said they needed to be 2025 laws for the Nigeria to be able to compete with the rest of African countries that have recognized their laws.

“We (Nigeria) need to review our laws, taking advantage of our population,’’ he said.

The vice president identified human capital development, funding and use of technology as requirements to properly implement the AFCFTA agreement.

“The new technology that needs to be brought to bear for the freedom with which we want people on goods and services to move across Africa.

“Funding has to be well-utilized in an appropriate technology at appropriate time so that the country will not be left behind by its neighbouring countries or countries that seek to compete with us in goods and services.

“One of the most important things is the sustainability of this new idea. It is a noble idea that is sustainable; it is a policy that must embrace and stand with for the rest of time,’’ Osinbajo said.

In his goodwill message, the National President, Institute for Tourism Professionals of Nigeria and Chairman Inter-ministerial Organising Committee, Abiodun Odusanwo, said the summit focused on economic sustainability.

Odusanwo said the summit also aimed at bringing African countries together to promote free trade capable of enhancing transportation and tourism within the continent. (NAN)

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