President says single market will solve Africa's economic problems

President Muhammadu Buhari is canvassing for a single market for Africa at the 30th Africa Union Summit currently taking place in Addis Ababa, the Ethiopian capital.

The president says the establishment of a single, unified market in Africa will increase trade, create more jobs and reduce poverty.

Buhari adds that Nigeria’s position is in favour of the report on the establishment of a Continental Free Trade Area (CFTA).

“It is Nigeria’s position that as African leaders and principal architects of our Union, we must now speed up action to conclude the negotiations and establish the CFTA,”Buhari says.

Intra-African trade

The president adds that; "In a rapidly changing global economy, with much uncertainty, we believe that the establishment of a CFTA would provide Africa with tremendous opportunity to achieve significant growth driven by intra-African trade.

“The primary objective (of CFTA) is economic, namely, for trade in goods and services on the continent. A single, unified market would lead to a comprehensive and mutually beneficial trade agreement amongst African Union member States.

“If we integrate Africa’s market for trade in goods and services, we will not only double intra-African trade, but also negotiate with other regions or continents on trade matters.

“If we increase our trade, we grow faster, create more jobs and reduce poverty. Thus, with CFTA, our united and prosperous."

Several past and current African leaders, diplomats and economists, are currently attending the 30th Ordinary Session of the Assembly of Heads of State and Government of the African Union (AU).