Nazaru CEO Toyin Umesiri on why you need to trade with Africa

The largest free trade area since the creation of the World Trade Organization is set to launch this July, marking a significant milestone in global trade relations. In a recent interview on CNBC Africa, Toyin Umesiri, the Founder and CEO of Nazaru, shed light on why trading with Africa is crucial for both the continent and the rest of the world. Umesiri emphasized Africa's growing importance as an economic frontier amidst global uncertainties like the Brexit and the US-China trade war. With the African Continental Free Trade Agreement (AfCFTA) creating the world's largest trade bloc, Umesiri urged global players, Africans in the diaspora, and individuals worldwide to seize the opportunity and participate in Africa's transformation. Here are the key takeaways from the insightful discussion: Toyin Umesiri highlighted the essential role of the private sector in leveraging trade agreements like the African Growth and Opportunity Act (AGOA) and the AfCFTA. She emphasized the need for meaningful engagement with the private sector to ensure the successful implementation of trade policies and facilitate seamless cross-border trade. Umesiri drew from her experience at Walmart to underscore the importance of proactive involvement and collaboration between the private sector and policymakers. By involving businesses in policy design and implementation, Umesiri believes that trade barriers can be effectively addressed to enhance trade opportunities in Africa. The conversation also delved into the challenges posed by diverging viewpoints among African economies, particularly Nigeria and South Africa. Umesiri emphasized that aligning the interests of major economies requires a focus on the private sector's involvement in driving trade initiatives forward. She stressed that while policymakers can formulate policies, it is the private sector that plays a crucial role in translating these policies into tangible trade outcomes. Umesiri's insights underscored the potential for substantial growth in consumer and business spending in Africa, projected to reach $5.6 trillion by 2025. Through initiatives like the Trade with Africa Summit in Chicago, Umesiri aims to bridge the gap between policy discussions and concrete business opportunities on the continent. By shifting the narrative from foreign aid to foreign trade, Umesiri emphasized the importance of articulating Africa's trade objectives and highlighting the mutual benefits for both the continent and global markets. As Africa positions itself as a key player in the global economy, the opportunities for trade and investment are ripe for exploration and collaboration. With a clear focus on engaging the private sector and aligning trade policies with business interests, Umesiri's vision for Africa's trade future shines brightly.