MD of CEOAfrica, Prince Cletus Ilobanafor has given his backing to the African Continental Free Trade. According to him the trade treaty is a step in the right direction.

He made his position on the matter known while fielding questions from the press in Ibadan on Saturday.

Prince Cletus opined that the trade agreement will help expand the market for African goods and services. He added that free trade move will also boost reallocation of resources and hence promote economic diversification.

Speaking further, he stated that the agreement when it becomes operational has capacity to unlock Africa’s tremendous potential to deliver prosperity for all Africans.

“The opening of regional markets to African goods and services is set to boost intra-African trade, promote African integration and help develop the African economy,” he stated

He also expressed confidence that the agreement will help actualize Agenda 2063 of the African Union for an integrated, prosperous and peaceful Africa. He added that with the coming on board of the agreement, government across Africa will be encouraged to invest in cross border infrastructure thereby reducing the cost of doing business.

African leaders from 44 African nations signed the Continental Free Trade Area (AfCFTA) treaty to create the world’s largest single market at the African Union Summit held in Kigali, Rwanda March 2018. The agreement will be the largest trade agreement in history since the creation of the World Trade Organization.