AfCFTA: Firm Moves to Promote Investment Among African Countries

•Says Nigeria’s quest for $1 trillion economy achievable

Onyebuchi Ezigbo in Abuja 

A private sector investment promotion organisation, Style De Vie, has expressed the desire to create a platform that would enable African countries to attract investments and boost their economies.

Style De Vie said Nigeria stood to gain from promoting partnerships and harnessing Africa’s investment potential to actualise its ambitious $1 trillion economy.

Speaking to journalists in Abuja on Tuesday, Creative Director of Style De Vie, Mrs. Rebecca Tabe, said her organisation was seeking to foster trade and investment partnerships among African nations in line with the expectations of the African Continental Free Trade Area (AfCFTA), which is meant to create a free trade agreement and drive a single continental market for goods and services.

Tabe said Africans held the key to economic emancipation of the continent.

She said the organisation was planning to hold a premium diplomatic and investment networking event in Abuja that “will bring together Ambassadors of African nations, top tier investors, and government representatives for an evening of sophistication, dialogue, and opportunity”.
The primary goal of AfCFTA is to eliminate tariffs and non-tariff barriers to boost intra-Africa trade, deepen economic integration, and attract investment.

Tabe said part of the issues for discussion at the event was the possibility of creating attractive investment incentives, such tax and custom duty weavers, for African investors willing to invest their resources in businesses within the continent.

She said, “So what we are trying to do is to foster trade, investment partnerships amongst African nations. We are trying to see that diverse investments actually happen in Africa, and this event here is not a symposium, it’s not a summit, it’s not a conference, but it is a high networking event, which we will be breaking the barriers between the investors and the diplomats, or the ambassadors.

“There are so many investment opportunities in Africa, and a lot of us are not able to harness it, and a lot of people keep taking their money out of Africa. They take it out there because they feel they are more developed countries there. But the truth is, if we continue like this, it will not only be detrimental to our future, but also to our economy.”

Tabe said the event, among other issues, would try to highlight various investment opportunities within African countries, which could be explored to boost the continent’s economy.

While highlighting key areas of engagement, Planning and Coordination Manager of Style De Vie, Miss Chelsea Kogi, said participants will brainstorm on how to utilise diplomatic relations to strengthen cultural and economic ties between African nations and international partners.

In the area of investment promotion, Kogi said the forum will serve as a platform for investors and governments to engage in meaningful dialogue on trade, energy, infrastructure, tourism, and technology, while strengthening African unity and international collaborations.

She said cultural exchanges will take place during the event, showcasing the fusion of French and African culture through music, cuisine, fashion, and decor.