Sunday, September 28, 2025
24.2 C
Lagos

World Bank: African Nations Should Co-operate on Trade

World Bank President, Jim Yong Kim, on April 14, 2016, told the opening press conference of the Spring Meetings taking place in Washington DC, USA, that African nations should focus on reducing trade barriers and opening their markets to their neighbors.

“One of the things we’ve learned over the years is that it’s often more difficult for countries that share border in Africa to trade with each other than it is for them to trade with Europe or the United States, and it just makes no sense,” Kim said at the conference.

Technically, economic operations from this region attribute this situation to a weak production in the regional fabric. Given this, it is most logical to see, for some manufactured products, everyone turn to the same suppliers, Europeans, Americans, Chinese and Turkish even.

You know, from our perspective, trade is extremely important for ending poverty.

World Bank’s president in response urged African countries to reduce the gap in their industrilisation, mentioning foreign direct investments, not only centered on their respective markets, but rather on the whole region.

“You know, from our perspective, trade is extremely important for ending poverty. We especially think that reducing trade barriers in Africa will have a very positive impact,” DR. Kim said.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

‘Nigeria Should Not Panic over Energy Transition, Leads in Oil/Gas Local Content’

Engr. Simbi Wabote, Executive Secretary, Nigerian Content Development and...

Royal Exchange General Targets 1m Farmers in Agric Investment

L-R: Mr. Wale Banmore, Director, Royal Exchange General Insurance...

Stanford Seed Partners Entrepreneurs in Africa to Catalyze Economic Growth

Frank Omondi is a wildlife biologist turned entrepreneur. His...

Moniepoint Strengthens Efforts to Broaden Financial Access Through Collaborative Initiatives

Africa’s fastest growing financial institution according to the Financial...

GT Bank Unveils Dusty Manuscript Literature Contest

Guaranty Trust Bank Plc, has launched the Dusty Manuscript...

ALSF Trains African Lawyers on Negotiating Economic Deals

The African Legal Support Facility has completed a two-day...

Airlines Financial Monitor—January 2O16

Key Points: · Worldwide airline share prices fell by 10%...
spot_img

Related Articles

Popular Categories

spot_imgspot_img