Dangote, Mbeki Launch Afrochampions Initiative in Lagos to Foster Regional Growth

Prominent African leaders under the aegis of the Afro-champions Initiative at the weekend, charted a course to transform the continent with the aim to make it a destination for international investments.

The initiative, jointly chaired by African’s richest man, Alhaji Aliko Dangote, and former President of South Africa, Thabo Mbeki, called for greater integration of African economies to enable the continent develop free trade among African Union member nations.

Present at the launch were the Vice President Yemi Osinbajo, former President Olusegun Obasanjo, Commissioner for Trade and Industry of the African Union, Ambassador Albert Muchanga, Aigboje Aig-Imokhuede, Executive Secretary of Nigerian Export Promotion Council (NEPC), Segun Awolowo, Tonye Cole of Sahara Energy among others.

According to the group, regional integration is a necessary requirement for the continent’s development but has remained at a very low level.

“We still have one of the lowest trade integration levels under 20 per cent while Asia is at 40 per cent and European integration is very much further ahead at about 60 per cent.

“The fact remains that other regions play as a bloc but Africa is still largely splintered into several economies and the ease of doing business across the region remains a significant challenge.”

In his remarks, Osinbajo noted that the Continents Free Trade Area Initiative (CFTA), launch of the African passport and free movement of persons showed how the continent intended to grow in regional integration, which also showed how quickly the continent could move.

He said the conference of the African Heads of State in July focused on a lot of those initiatives “and I am convinced that we are on the threshold of seeing a deeper and more integrated African market.’’

The vice president explained that the move was a strategic priority for the country to enable a single integrated African market deep enough to exploit all the potential in the country.

He noted that it was obvious that Afican giants had sprang up in manufacturing, banking sector and in telecommunications.

In the same vein, former President Olusegun Obasanjo expressed appreciation and commendation for the initiative and added that while the initiative had put the private and public sectors together, it needed to integrate the financial institutions.

Dangote on his part, said the Afrochampions initiative is for African businesses to cater to African needs to accelerate development in the continent and create more jobs to tackle unemployment of youths in the continent.

He acknowledged that it was the first time that leaders from Africa’s multinational companies would meet, not to discuss their sector and ad-hoc investment opportunities, but to exchange views on Africa’s transformation and on what contributions they may have.

Dangote promised to work with his colleagues to make the club a unique platform on which “We as African business leaders, can overcome our differences and speak with one voice, to foster reforms facilitating trade between our states with investments in strategic projects and synergies between our countries.”