posted by www.equatorialguineaonline.com on February 9th, 2012
In a report released yesterday February 8, the World Bank made a recommendation to the governments of Africa, for this and other efforts to strengthen trade in the area.
The recommendation is part of the report that the World Bank (WB) presented under the title Deepening Regional Integration in Goods and Services, which recommended that the leaders of the African continent commit to free trade, which, according to the institution, would save billions of dollars as a result of trade barriers. “Africa has still not taken advantage of the enormous opportunities that it has for cross-border commerce within Africa in foodstuffs, basic manufacturing and services,” says the text of the report.
The document, presented by the former Nigerian Minister Obiagely Nigerian Oby Ezekwesili, currently Vice President of the Bank for Africa, also warns that the economic slowdown in the Euro area can reduce the growth of the continent to 1.3 percentage points in this year 2012.
Ezekwesili has recognized that “Africa is not reaching its potential for regional trade, despite the fact that its benefits are enormous in creating larger markets, helping countries diversify their economies, reducing costs, improving productivity and helping to reduce poverty“. Therefore, the document also recommends that African leaders improve cross-border trade, simplify border procedures and support trade associations, improving the flow of information on market opportunities, along with other measures.