Friday, July 4, 2025
23.1 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
spot_img

Hot this week

MTN, 9mobile Ink National Infrastructure Partnership Deal

L-R: Abolaji Idowu, Chief Financial Officer, 9mobile; Omotola Ojutayo,...

Stanbic IBTC Holding’s N148bn Rights Issue Oversubscribed by 21.9%, Injects N140bn into Stanbic IBTC Bank

Acting Group CE Statement Commenting on the just concluded rights...

NAICOM Hands over New Licences to SanlamAllianz Life, General Insurance

The National Insurance Commission (NAICOM) today handed over new...

Access Bank Highlights Leadership at Climate Governance Initiative Launch

Access Bank Plc has once again demonstrated its leadership...

Fidelity Bank Extends Relief Efforts to Eti-Osa Community with Food Bank Initiative

Henry Asiegbu, Divisional Head, Operations, Fidelity Bank Plc (Left);...

Topics

Insurers’ Results Face Volatile Future under IFRS 17

Insurance companies' results have the potential to become more...

Kaspersky Offers Free Security for Medical Firms over COVID-19

  Kaspersky announces free availability of its core endpoint security...

MTN Nigeria Launches 4G+ for Superior Customer Experience

MTN Nigeria Communications Plc has launched 4G+ in Lagos,...

‘AMCON Deserves Commendation for Supporting IDPs’

Deputy Governor, Yobe State, His Excellency, Engineer Abubakar Aliyu...

2023: Atiku Condemns Tinubu for Ignoring Lagos Chamber of Commerce Invitation

The Atiku Business Support Group (ABSG) has criticised the presidential...

Insurance, Banking, Telecom CEOs with Highest Media Visibility in Q2, 2024

Inspite of the challenging economic conditions and their adverse...

African Leaders Seek Strategic Partners to Empower Citizens

The only thing that worries Africa’s political and economic...

Firm to Develop Affordable Homes for Calabar Residents

An indigenous firm, Turn – Over Plus Limited, is set to develop a housing estate, Green City Estate, Calabar, Cross River State, in an effort to boost the housing stock in the state. The Green City Estate is located in Ikot Offfiong, Ambia, said to be the most serene part of Calabar metropolitan city, with a clean, beautiful, well developed infrastructure, hospitable and good safety and security facility. The Green City Estate which will be fully flagged off in August, currently houses a number of two to three bedroom apartments spread over three bays, just as duplexes are also been developed. Apart from the planned modification of the existing structures to meet the green city codes, the management of the city plans to develop additional 140 future homes within the next 12 months.
spot_img

Related Articles

Popular Categories

spot_imgspot_img