The Executive Secretary of Nigerian Shippers’ Council (NSC) Mr. Hassan Bello has described the creation of Inland Dry Ports as a significant tool that can be used to harness the gains of the African Continental Free Trade Agreement (AfCTA)
Bello spoke over the weekend when the Governor of Kano State Dr. Abdullahi Umar Ganduje visited the NSC corporate headquarters in Lagos for the actualization of the Dala Inland dry port in Kano
The NSC boss said Nigeria needs to get ready to receive and utilise inland dry ports, describing it as key to harnessing the gains of AfCTA
He informed that the Free Trade Agreement is the largest single market accounting for about $4trillion in spending and investment across 54 countries, which would cover 1.2billion people in Africa, and over $3billion in GDP
He explained that by 2050, AfCTA would expand the economy of Africa to $29trillion and as well boost intra-African trade which is currently at 18% to 52%.
Bello informed that currently, trade among European country is at 70%, while in North America it is at 49% and in Asia they have 35%.
He however said in Africa, the continent has only 18%, but said with the introduction of the AfCFTA, Africa trade would go up to 52%, but said the benefit would depend on infrastructure stating that currently, Africa have a deficit of infrastructure of over $100billion.
According to him, "The Free Trade Agreement is the largest single market accounting for about $4trillion in spending and investment across 54 countries, it would cover 1.2billion people in Africa, and over $3billion in GDP"
"By 2050, it would expand the economy of Africa to $29trillion, it would boost intra African trade which is currently at 18% to 52%"
"In Europe, the trade amongst themselves is 70%, in North America it is 49% while in Asia they have 35%. But in Africa, we have only 18%. However, with the introduction of the AfCFTA, we would go up to $52%, but the benefit would depend on infrastructure currently, Africa has a deficit of infrastructure of over $100billion.
“However with the introduction of the AfCFTA, we will go up to 52 per cent but the benefit will depend on infrastructure.
“Currently, Africa has a deficit of infrastructure of over $100 billion,” he said.
