AFCFTA: DANGOTE TO BOLSTER AFRICA’S EARNINGS

As the African Continental Free Trade Area (AFCFTA) implementation commences, experts say the continent is in a privileged position considering the Dangote Group’s huge international investment portfolio.  

Pundits say Dangote Group has positioned its subsidiaries as multinational conglomerates which have continued to play a pivotal role in the industrialization of Africa.  

The multi-billion naira Dangote Cement Plc, for instance, has a presence in over ten African countries, while the newly incorporated Dangote Fertiliser and oil refinery are capable of mitigating the continent’s shortfall in foreign earnings.  

The Director-General of the Abuja Chamber of Commerce and Industry (ACCI), Ms. Victoria Akai said the Dangote Group has been a pacesetter in manufacturing while boosting Nigeria and Africa’s earnings.  

She said: “The founder Alhaji Aliko Dangote is a visionary leader and has led the Group to become one of the leading brands in Africa and the world, which is a pride to every Nigerian.”  

According to her, the company is one of the biggest and most strategic partners of the Abuja Chamber of Commerce and Industry (ACCI).  

The 17th Abuja International Trade Fair is scheduled to hold between Friday, September 30, and Sunday, October 9, 2022, at the ACCI Abuja International Trade Fair Complex. Dangote Group is the major sponsor of the 17th edition of the Abuja International Trade Fair, which seeks to deepen trade across Africa.  

Speaking on the role of small-scale industries, the DG of ACCI said with the heightened interest in the African market, coupled with the implementation of the AfCFTA,  Nigeria is in a privileged position given the role of the Dangote Group and many other big companies.  

She added that Nigeria has enormous potential for export considering the number of SMEs.  

According to her: “SMEs represent about 96% of the business fabric and generate over 70%of employment while contributing to about 48% of Nigeria’s GDP, making them the engine of Nigeria’s economy and playing a vital role in the economic recovery.”  The AFCFTA, established in 2018, is a free trade area comprising of most African countries as signatories, making it the largest free trade area by number and second only to the World Trade Organization (WTO). Under the agreement, parties are committed to eliminating tariffs on most goods and services, as well as eliminating other impediments to free trade.