Asia has been Africa's
largest trading partner and the recent boom in commerce in both Africa and
Asia countries explains the trade collaboration.
These trade flows are currently being
spearheaded by China, South Korea Japan, India and Indonesia who has shown
increased appetite for African commodities. Africa too greatly depends on
manufactured goods from China, South Korea, Vietnam and other Asia countries.
As the global market becomes more fused together, a lot is at stake for the
economic welfare of those of us in Africa.
South Africa and Nigeria together accounts for over 55 percent of the entire
continents economic activities. Africa's exports to Asia have not yet
significantly contributed to sustained widespread export diversification
whether in trading partners or exports. Although the boom in natural resources
exports to China and India is providing short-term benefits, African countries
need to strategies to leverage the current export explosion to create opportunities
for long-term economic benefits. Recently, India that used to be the highest
buyers of Nigeria's Brent crude has dropped to second place behind Spain as a
result of the effects of the pandemic in the country.
Twenty years ago, prices for Africa's leading commodity exports have increased
significantly. This happened as a result of the rapid growth of Asia's
developing countries, China and India. Also, the desire for manufactured goods
from China and India has also risen significantly because Chinese goods and
commodities are more affordable for majority of the middle class Africans as
compared to American and European commodities. These demand changes creates
important opportunities for Africa's businesses to increase and diversify
exports. It has also created an opportunity for African Entrepreneurs to
extract more value locally by further processing commodities before exporting
them.
Nigeria – Korea Economic and Investment Forum2021 which is coined out of The
Asia-Africa Economic and Investment Forum, is a multi-sectorial trade mission designed
to hold from the 14th of October 2021 and it’s powered by Trade
Nigeria in partnership with Globe Chamber of Commerce and Industry.
The Trade Mission to Seoul, South
Korea will seek to address the status quo of Nigeria as well as Africa's export
to Asia from petroleum and non-oil minerals to other processed commodities.
Currently, Africa's export of oil and natural gas accounts for over 60 percent
of its total export, followed by ore and metals. Meanwhile, Africa imports
mainly more value added commodities like textiles, electric machinery and
equipment, gadgets and consumer products like drugs, cosmetics and lot more.
Also, the Nigeria – Korea Economic and Investment Forum2021 will help to
facilitate improved market access for low-income countries. This can be
achieved through the lowering of industrial countries multilateral tariff and
non-tariff barriers on Africa's product which will in turn increase our exports
significantly.
Another issue that will be addressed is the lack of trust, infrastructure,
understanding and systems that will handle African risk in Asia based banks.
Lastly, the Economic and Investment Forum will help Nigeria as well as Africa
to achieve the economic growth that will turn the continent to a successful one
and increase the welfare and quality of life of everyone.
For information and updates on the Nigeria - Korea Economic and Investment
Forum 2021 kindly visit or call any of the Trade Nigeria offices:
Abuja
Edo House, suite 5 – 05 fifth floor,
Central business district, Abuja.
+234(0)9074484983
+234(0)9033131552
+234(0)8124066664
Rivers State
#6, Omerelu Street, GRA Phase 1,
Port Harcourt, Rivers State.
+234(0)8161261262
+234(0)7056863770
+234(0)7010882314
+234(0)9080088327
No comments:
Post a Comment