Africa’s free trade area worth $3.3trn - Adesina

Africa’s free trade area worth $3.3trn - Adesina

- The president of the African Development Bank, Akinwumi Adesina, has said that Africa's free trade area is worth $3.3 trillion

- Akinwumi Adesina said the effective implementation of AfCFTA would take the continent to a greater height

- Adesina also said he supports the creation of a single currency by the Economic Community of West African States (ECOWAS)

Nigeria's former minister of agriculture and current president of the African Development Bank, Akinwumi Adesina, has said that Africa's free trade area is worth $3.3 trillion.

Adesina while speaking to State House Correspondents in Abuja after a meeting with President Muhammadu Buhari said the biggest thing to happen to Africa is the African Continental Free Trade Area (AfCFTA).

He also said that he believed the effective implementation of AfCFTA would take the continent to a greater height.

Nigeria's former minister said he supports the creation of a single currency by the Economic Community of West African States (ECOWAS).

President Buhari holds meeting with Akinwumi Adesina in Aso Rock (photos)

Describing the ECO as a great idea, Adesina said it is not optimum to trade in too many currencies within the same region.

“Obviously being able to trade in various currencies, it’s not optimum to trade in so many currencies. So it makes common sense to have a unified currency and of course for that to even be achieved – the Eco, I support Eco greatly, I think it’s a great idea," Adesina said.

Stating that there are a number of convergence criteria that would have to be met for a successful use of the new currency, Adesina said he believes President Buhari is having discussions with other African leaders to meet those criteria.

“African countries have an infrastructure gap of between 68 billion dollars to 108 billion, which could be adequately addressed by utilising the 1.8 trillion dollars accrued pension and sovereign wealth funds," Adesina added.

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Meanwhile, Legit.ng previously reported that the authorities of ECOWAS heads of states had adopted ECO as a name for the region's single currency.

The plan by ECOWAS leaders to adopt the currency took place on Saturday, July 1, at their 55th ordinary session in Abuja.

NAIJ.com (naija.ng) -> Legit.ng We have updated to serve you better

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Source: Legit.ng

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