The commencement of the implementation of AfCFTA in January 2021, marks the reduction of Africa into a small Village with free movement of good, persons, services and capital.
AfCFTA also paves way for better harmonization and coordination of Trade liberalization across the Continent. The commencement of the Negotiation of phase II of AfCFTA which comprises of Investment, Competition and Intellectual Property Rights (IPR) makes it imperative for the African Business Community to have a better understanding of how to navigate not only on Trade, but also Investment, competition and IPR.
Similarly, with the advent of the novel Corona Virus (Covid-19), the economic outlook of the entire World has been altered greatly. The resultant lockdown has created the largest economic shock that the World has experienced in decades.
Baseline expert forecast envisions a 5.2% contraction in global GDP, which represents the deepest global recession in decades. The deep recession triggered by the pandemic is expected to leave lasting scars through lower investment and fragmented global trade and supply linkages among others. It’s expected that Africa will be at a greater disadvantage than other continents.
The AfCFTA if properly handled however can go a long way to cushion the effect for Africa. Proper implementation of AfCFTA however requires among other things, a good understanding of both the effects of Covid-19 on the African Continent and the dynamics of AfCFTA by the African Business community.
AFRIBIF 2021 is therefore designed to highlight these issues for investment exporters worldwide and the African business community and come up with simple but effect ways of navigating AfCFTA for the benefit of all.
Nigeria in its traditional role, through the Federal Ministry of Industry, Trade and Investment (FMITI) in collaboration with CB Network, is leading in extending the conversation of AfCFTA implementation to core stakeholders (Business Community) through AFIBIF 2021.
Africa Business and Investment Forum (AFRIBIF) 2021 is aimed at bringing together the entire continent to collectively discuss the AfCFTA and the challenges of the post Covid-19 era, to entrench greater cooperation within the continent and the rest of the world.
- To encourage Intra- African trade and investment in view of AfCFTA and in the wake of covid-19
- To showcase the potentials of AfCFTA to the world market
- To encourage the role of research and development in promoting value addition.
- To explore the role of Innovations and value addition in all sectors for quick recovery from the havoc of Covid-19.
- To promote accelerated development in all sectors of the economy in line with world best practices
- To attract greater FDI for sustainable development.
- Better integration of African businesses into GVCs
- Policy inclusively and efficient investment knowledge management in Africa
- Technology adoption, Adaptation and Increased Innovation
- Diversification increase GDP and productivity in Africa
- Increase Investment stock and enhanced of attainment of the SDG