Elumelu: Intra Africa trade will not rise if we don't produce what we need

In a recent interview with CNBC Africa, the Chairman of UBA Group, Tony Elumelu, emphasized the importance of moving beyond mere rhetoric to concrete action in order to foster intra-Africa trade. Elumelu commended AFREXIMBANK for taking the initiative to inaugurate the African Trade Centre, highlighting the significance of producing goods within the continent and maximizing the potential of the African market. He pointed out that while there is a collective acknowledgment of the slow pace of intra-Africa trade, there has been a lack of substantial efforts to address this issue. Elumelu stressed the need for platforms that empower African nations to trade amongst themselves, create employment opportunities, exploit the continent's vast resources, and utilize the growing African market effectively. Elumelu emphasized the role of the private sector in meeting the needs of the African population by producing essential goods locally. He underscored the importance of supporting small and medium enterprises and diversifying the economy away from reliance on oil and commodities. Elumelu reiterated that Africa's trade will not flourish without a robust manufacturing sector that caters to the region's demands. He praised financial institutions like AFREXIMBANK and United Bank of Africa for their commitment to promoting trade and entrepreneurship, which he sees as pivotal for economic growth and job creation in Africa. Looking ahead, Elumelu expressed his belief in the transformative power of entrepreneurship and the youth in driving economic development. He outlined the aligned goals of organizations like AFREXIMBANK, United Bank of Africa, the Tony Elumelu Foundation, and Pierre Zolding Group, all aimed at empowering African citizens, fostering innovation, and catalyzing job opportunities across the continent. Elumelu reaffirmed his dedication to uplifting the next generation of African entrepreneurs and supporting local businesses to thrive in the competitive market landscape. As Africa seeks to enhance its intra-regional trade and promote self-sufficiency, leaders like Tony Elumelu continue to advocate for practical strategies and collaborative efforts to unlock the continent's economic potential. The call for increased production, strategic partnerships, and investment in local enterprises resonates with a vision of sustainable growth and prosperity for Africa.