African informal trade worth $93 billion per annum – Osinbajo

Vice President Yemi Osinbajo has stated that Africa’s informal trade is estimated to be about $93 billion per annum.

He said this in a statement delivered at the Manufacturers Association of Nigeria (MAN ) golden’s jubilee “Roundtable on Industrialisation in Africa,” themed “Positioning African Industries for Economic Transformation and Continental Free Trade.”

According to the Vice President, authorities across the continent must take the appropriate policy initiatives to realize the African Continental Free Trade Area’s infinite prospects for industrialization. He said such actions include the protection of local industries and improving value chains.

“We must take policy actions to create an environment in which businesses can thrive. To start with, we must adopt the right type of macroeconomic and industrial policies.

“This will go a long way in creating the desired continental payments system and also in facilitating cross-border informal trade which is estimated to be about $93 billion per annum,” he said.