The African Continental Free Trade Area (AfCFTA) has urged Nigeria to develop its auto industry in order to meet its automobile needs as well as that of its neighbours.
This is as Zenith Bank signed a memorandum of understanding (MoU) with AfCFTA to create an Intra-Africa trade portal known as the SMARTAfCFTA.
SMARTAfCFTA is a single portal for trade information for the continent on trade. The Bank will fund the portal for trade information in Africa with one million dollars.
Secretary general of AfCFTA, Wamkele Mene, speaking at the Zenith Bank’s international trade seminar, non-oil export yesterday, said there is need for Nigeria to take the initiative of diversifying into automobile production to meet the vast gap of Africa’s population.
According to AfCFTA’s estimate, there is a five million per annum void in the continent and with only South Africa, Morocco, and Egypt, producing cars. Mene noted that Nigeria can tap into this sector whilst capitalising on Afrexim’s $1 billion facility to countries who take on manufacturing of cars.
The African Continental Free Trade Area (AfCFTA) has urged Nigeria to develop its auto industry in order to meet its automobile needs as well as that of its neighbours.
This is as Zenith Bank signed a memorandum of understanding (MoU) with AfCFTA to create an Intra-Africa trade portal known as the SMARTAfCFTA.
SMARTAfCFTA is a single portal for trade information for the continent on trade. The Bank will fund the portal for trade information in Africa with one million dollars.
Secretary general of AfCFTA, Wamkele Mene, speaking at the Zenith Bank’s international trade seminar, non-oil export yesterday, said there is need for Nigeria to take the initiative of diversifying into automobile production to meet the vast gap of Africa’s population.
According to AfCFTA’s estimate, there is a five million per annum void in the continent and with only South Africa, Morocco, and Egypt, producing cars. Mene noted that Nigeria can tap into this sector whilst capitalising on Afrexim’s $1 billion facility to countries who take on manufacturing of cars.