Lusaka, 12 June 2015 – Africa should pursue economic integration on the basis of regional economic communities rather than trying to do so with the more than 54 countries on the continent, Olusegun Obasanjo, former President of Nigeria, has said in Lusaka.
In a wide-ranging discussion held in the run-up to the 22nd Annual General Meeting of Shareholders of the African Export-Import Bank (Afreximbank), President Obasanjo indicated that the regional economic communities would then be the platforms underpinning continent-wide integration.
He stressed the importance of infrastructure in promoting intra-African trade and called for the establishment of a viable well-run coastal shipping line from Dakar to Maputo as a way to improve intra-African trade, explaining that while Africa should encourage the local production of goods, it should also encourage and develop the process of moving those goods.
President Obasanjo added that Africa should start adding value to its commodities rather than exporting raw commodities only for those commodities to be sent back to the continent as finished goods.
On conflicts in Africa, he said that most were as a result of failure to address certain social problems in the society, such as educational disparity.
According to him, a situation, such as in Nigeria, where one section had an educational attainment level of 79 per cent while another had only 19 per cent, created room for conflict.
He proposed a carrot and stick solution to the conflicts on the continent through an approach involving military solutions and social development since a purely military approach would not work.
Also today, Afreximbank and the Zambia Development Agency hosted an investment forum as part of activities leading up to the Annual General Meeting, with Afreximbank President Jean-Louis Ekra, saying that investment in technology, capital and industries were sources of innovation which constituted the key driver for higher productive capacity.
According to him, investment is also the basic foundation for improving productivity and enhancing international competitiveness which, together, constitute the necessary conditions for economic growth and development.
Presentations were made by Patrick Chisanga, Director General of the Zambia Development Agency; Kofi Adomakoh, Director of Projects and Export Development Finance, Afreximbank; Caesar Siwale; Dr. Chris Mphuka and Maureen Mba, Head of Compliance, Afreximbank. The presentations were followed by two panel discussions.
The Afreximbank Annual General Meeting of Shareholders, which will take place on 13 June, is being preceded by seminars and meeting of the Advisory Group, an investment forum and a trade exhibition.
Media Contact: Obi Emekekwue (oemekekwue@afreximbank.com; Tel. +202-2456-4238)
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com