Renowned economist and former Deputy Governor of the Central Bank of Nigeria, Professor Kingsley Moghalu to Lead Africa, has been appointed as the Chairman of the Advisory and Executive Boards of the Africa Private Sector Summit (APSS). Moghalu is set to deliver the keynote address at the Joint African Continental Free Trade Agreement (AfCFTA) Private Sector Session during the 2023 Intra-African Trade Fair in Cairo, Egypt, hosted by the African Export-Import Bank (Afreximbank) from November 9-15, 2023.
Kingsley Moghalu to Lead Africa the Joint AfCFTA Private Sector Session will focus on discussing the Private Sector Bill of Rights (PSBoR) proposed by the Africa Private Sector Summit. This bill aims to establish a predictable and favorable business environment for intra-African trade and investment, leveraging the protocols of Africa’s Regional Economic Communities (RECs) and the AfCFTA treaty. The AfCFTA, operational since 2021 and ratified by 43 African countries with 11 others signing, seeks to enhance continental trade.
Currently, only 16% of Africa’s global trade occurs within the continent, while Europe boasts 68%, Asia records 59%, and North America reaches 30% intra-regional trade. The AfCFTA, once fully implemented, is projected to elevate intra-African trade by 52%, alleviate 30 million people from poverty, and contribute USD 450 billion to the continent’s GDP by 2035.
The Africa Private Sector Summit is initiating engagement with leaders across Africa’s five geographic regions and the diaspora, collaborating with governments to review, validate, and adopt a set of 24 rights outlined in the proposed Private Sector Bill of Rights. This strategic move aims to foster a conducive environment for private sector growth and participation in the continent’s economic development. Professor Moghalu’s keynote address is anticipated to shed light on crucial aspects of the Private Sector Bill of Rights and the transformative potential of the AfCFTA in shaping Africa’s economic landscape.
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