Tinubu: African businesses can leverage Afri-Caribbean integration

Private sector players in Africa are optimistic about the vast opportunities presented by expanding the African Continental Free Trade Area to the Caribbean region. The Chief Executive Officer of Oando, Wale Tinubu, highlighted the importance of leveraging the common market created by the African Free Trade Zone agreement, now linked with CARICOM. Tinubu mentioned that this integration allows African businesses, especially indigenous champions, to expand their operations into the Caribbean market and subsequently access North American and South American markets. He commended AFRICSIM Bank for their efforts in including all member states in the AFRICSIM Charter, paving the way for enhanced business collaborations. Tinubu emphasized the pivotal role of the public sector in supporting private sector engagements for African businesses to invest in new markets. The interview shed light on the significant prospects for growth and partnerships in the wake of this integration. The focus has now shifted towards signing a Memorandum of Understanding (MOU) with CARICOM states to initiate the process for a free trade agreement between Africa and the Caribbean. Commissioner Albert Muchanga's efforts underline the importance of strong ties with the private sector for the success of this ambitious endeavor. Reflecting on the trajectory of diplomacy and trade, Tinubu underscored the essence of trade in fostering international relations. AFRICSIM's proactive approach in facilitating business opportunities for African enterprises in the CARICOM region was acknowledged as a positive step towards economic collaboration. Tinubu pointed out the burgeoning opportunities in Guyana, Suriname, and Trinidad, particularly in the hydrocarbon and renewable energy sectors. The conversation encapsulated pivotal insights from industry leaders like President Orama and Aliko Dangote. Tinubu's key takeaway from the discussions emphasized the concerted commitment from governments in supporting the private sector for African businesses to invest in new territories. Citing examples of successful infrastructure projects in Nigeria driven by local capital and policy support, he highlighted the potential for indigenous champions to thrive in a global marketplace with easier access to capital. The integration of African and Caribbean markets presents a wealth of opportunities for businesses to expand and flourish, driving economic growth and prosperity for both regions.