Diaspora could boost intra-African trade

AFRICAN Export-Import Bank (Afreximbank) president Benedict Oramah yesterday called on Africa to develop strategies to attract the African diaspora back into trading within its borders. Oramah said the diaspora constituted a large economy outside the continent.

He decried the lack of market knowledge on the diaspora, charging that it was a challenge for African countries that made them miss out on vast economic and trade opportunities with their neighbours.

“We want to expand trade within Africa and with Africans in the diaspora. We must take the diaspora as the 55th country of Africa.

“We need to integrate 16 million Africans in the diaspora who generate $63 billion in remittances for the continent and save $50bn annually. We want to bring that economy back to Africa.”

Oramah was speaking during the opening of Afreximbank’s 24th Annual General Meeting under the theme “Trade as a catalyst for industrialising Africa”, in Kigali, Rwanda. Trade growth spells are shorter in Africa.

At 15%, intra-African trade represents the lowest regional trade figures compared to 62% in Europe and 45% in Asia. Oramah said intra-Africa trade conducted informally was worth $40bn to $60bn a year, adding that Afreximbank wanted to make Africa relevant in the global arena by prioritising all sectors that boost intra-African trade.

Rwanda and the bank will sign a deal that will see the country get funding at the summit’s end on Saturday. – ANA