Business
World Bank Tasks Nigeria, Africa on Trade Barriers
The World Bank Group has urged Nigeria and other African countries to solve the non-tariff barriers and hurdles affecting cross-border goods crossings.
According to the world banking institution, these barriers must be addressed to reap the benefits of the African Free Trade Area (AfCFTA).
In a new report titled, “Can African trade integration be a game changer?”, obtained at the weekend, the institution noted that the AfCFTA, which hopes to connect 54 countries with a combined population of 1.3 billion and GDP of $3.4trn, has several challenges to overcome.
It noted that African businesses should also see the opportunities as its research suggests that the agreement has the potential to bring significant economic and social benefits in the form of faster economic growth, higher incomes, and less poverty.
The World Bank also stated that in addition to ministries of trade involved in the negotiations, other government agencies in each country should also become familiar with AfCFTA and learn the key role they may be called to play in its implementation on the ground.
It added that tackling non-tariff barriers and hurdles affecting cross-border crossings of goods was paramount, as well as reducing barriers to trade in services because each country has its own regulations covering industries such as logistics and transport, financial services, tourism, and communications.
“The agreement faces several challenges. However. the African private sector, including SMEs that could benefit from AfCFTA, should become more familiar with the different chapters of the treaty and learn how the topics addressed – such as the liberalisation of trade in services – can be leveraged to boost their businesses.
“So, signing the agreement is just the first step. It will take much more to unlock AfCFTA’s potential gains in trade, investment, and jobs.
“African nations will need to support the AfCFTA Permanent Secretariat, based in Accra, Ghana, which is charged with administering the agreement.
“Domestic laws and regulations will need to be harmonised with the agreement’s protocols on investment, intellectual property rights, competition and digital trade”, the report stated.
To reap the gains of the agreement, the World Bank emphasised that stakeholders must encourage progressive liberalisation of cross-border trade and investment policies in line with AfCFTA protocols to establish the groundwork for regional value chains in Africa.
It also advised member states to strengthen cross-border trade and investment in services by facilitating trade in digital services, removing FDI restrictions, and liberalising the movement of workers.
“It is now up to the member states and champions within to lead working together with the private sector and civil society, to ensure that the promise of the AfCFTA can finally be a game changer for Africa and reap its many benefits for its people,” the report read further.
By: Corlins Walter
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.