By Ikenna Nwokedi
The Department of Economics, Nnamdi Azikiwe University Awka in collaboration with Professor Ngozi Eunice Egbuna International Centre for Regional Integration and Trade Relations (ICRITR) with support from African Export Import Bank on Tuesday, 19th September 2023 held a one-day symposium.
The symposium held at the Prof. Uzoka Centre, Faculty of Social Sciences, UNIZIK, had its theme as “African Trade and Integration in the Post-Covid-19 Pandemic Period: Prospects and Challenge.”
In his opening remarks, the Chairman of the occasion and Director, Directorate of International Linkages, Prof. Uche Nwogwugwu stated that the symposium is important in looking at the challenges and prospects for Africa as a continent in the aftermath of the COVID-19 especially in the area of trade and integration.
Prof Nwogwugwu said that the converge opens up an opportunity to discuss matters bordering on strengthening existing regional economy, coordinating national economic policies, promoting joint investment and free movement of persons, goods, services and capital amongst all member states in the continent.
In his remarks, the Dean, Faculty of Social Sciences, Prof. Frank-Collins Okafor stated that the programme is significant and novel as it is the first symposium of the Prof. Egbuna International Centre for Regional Integration and Trade Research bringing together people from all over the world to be part of it.
The Dean stated that the symposium is in line with what he termed doing ordinary things extraordinarily by keeping the faculty busy and reaching out to the world. The scholar highlighted that the symposium is important for intellectual development while also eulogizing the Department of Economics as the second in the faculty to engage in e-smart room conference.
Also speaking, the Head, Department of Economics, Dr. Christopher Kalu emphasized that the symposium is a wake up call for African leaders to see trade as an engine of growth and integration to move the African continent forward in all spheres of human endeavour.
Dr Kalu averred that Africa cannot achieve 2030 SDG if not fully integrated and if trade that has been the engine of growth is not in the front burner.
He advised African governments and policy makers to rise to the challenge of developing trade, political, economic and social integration. He commended Francis Anatogu for his keynote address x-raying the prospects of African integration and trade in the globalized moment of the world.
On her part, the Director ICRITR, Prof. Ngozi Egbuna described the topic of the symposium as germane as global economy seem to be grappling with the after effect of COVID-19 which had a huge impact on major economies and life of each individual on the globe was changed dramatically.
Prof. Egbuna said that Africa decided on how to leverage on the benefit to come out of the post-covid era in successful and integrated way as well as to come out with serious trade matters in the front burner.
The scholar affirmed that the outcome of the symposium would be sent to policy makers to consider the thoughts of scholars and see the level of work done.
She appreciated the keynote speaker, Francis Anatogu for being instrumental to Nigeria signing on the free trade agreement while also disclosing that the Centre is poised to do more in pro-active presentation as issues unfold in Nigeria, Africa and world economy.
The Founder, Transaharan and Former Secretary, Nigeria’s National Action Committee on AFCFTA, Francis Anatogu in his keynote address titled: “African Trade and Integration in the Post-Covid-19 Pandemic Period: Prospects and Challenges”, described the topic of the symposium as germane as despite the documented benefits of economic integration, Africa’s journey remains a work in progress.
Anatogu said that the continent faces unique opportunities and obstacles in it’s pursuit of regional economic integration. He revealed that the first road map to economic integration in Africa was first laid with the establishment of the Organization of Africa Unity over 60 years ago and further asserted in the Abuja Treaty of 1991 where 51 African member states signed off on the establishment of the African Economic Community (EAC).
He explained that the establishment was designed to usher in the creation of a continent-wide free trade area, customs union, single market, central bank and common currency by strengthening existing regional economic market.
He posited that the advent of COVID-19 affected the continent having impact in areas such as healthcare capacity and resources, vaccine access and distribution, social-economic and economic sector.
Anatogu highlighted the prospects of African Continental Free Trade Area (AFCFTA) which presents substantial prospects for businesses across the continent as a glimmer of hope. He informed that the landmark agreement creates a single continent-wide market with 1.3 billion people and a combined GDP of 3.4 trillion US Dollars which will raise 30 million Africans out of extreme poverty and increase intra-african trade by 52.3 percent by 2025 as well as improving Africa’s income by up to 450 billion dollars by 2035.
Highpoints of the occasion was the review of the keynote presentation by scholars in the Social Sciences Faculty, Dr. Alex Agbenyi and Dr. Kenechukwu Okeyika, Questions and Answers session by the participants both physical and virtual while Professor Ebele Nwokoye gave the vote of thanks.
