SENATE President Mabel Chinomona encouraged African parliamentarians to band together to fight terrorism and promote intra-African commerce yesterday.
“We have all gathered here as African lawmakers, with unequivocal enthusiasm and unwavering dedication, to foster conversation, strengthen parliamentary interaction, exchange experiences, integrate our opinions on the obstacles confronting our continent, and reinforce our commitment to promoting peace and democracy in Africa, Chinomona said, making a plea during the executive committee of the African Parliamentary Union conference currently underway in Côte d’Ivoire, “she said.
Our events have a special flavor because they highlight the conversation and camaraderie that are native to Africa and offer a chance for mutual enrichment—values that are the foundation of our organization. This attitude ought to permeate all we do, strengthening our fortitude in a global environment replete with challenges, she explained.
According to her, the conference acknowledged both the potential advantages of reducing trade barriers and the terrible effects that the plague of terrorism has had on the continent of Africa.
We are urged to make the sincere contributions required by our legislation in these two sectors as they are vital to the expansion and development of our countries. She stated that Africa has no choice but to rise. Many African nations, like Zimbabwe, lack the ports, highways, and railroads that are essential to facilitating commerce.
She said, “It’s time for us to reinvent ourselves and step up our game, especially when it comes to political, economic, and social issues that impact our fellow African States.” By doing so, we can promote sustainable development, good governance, and peace throughout the continent.
The plague of terrorism has resulted in decreased domestic investment, a decline in economic activity, and the devastation of infrastructure and people. The rise in terrorist incidents On the other hand, Chinomona challenged lawmakers to actively influence Africa’s destiny by cooperating and overcoming obstacles.
Perhaps the biggest obstacle to reaching the objective of a continent free of conflicts is the rise in terrorist acts, according to Chinomona. According to Chinomona, unfavorable conditions like human rights abuses and armed warfare are breeding grounds for terrorism and violence.
Payment concerns are at the top of the list of barriers that intra-African commerce encounters. Temitayo Jaiyeola talks on the possibility that the Pan-African Payment and Settlement System (PAPSS) can reverse the present downward trend in intra-African commerce.
Africa is made up of 54 countries, and because of this, traveling outside of the continent is typically simpler than traveling inside it. Trade between African countries is still restricted, despite the continent’s enormous potential.
Between 2019 and 2022, commerce between Nigeria, the largest economy in Africa, and other African nations totaled N2.8 trillion. On the other hand, over the same time, its commerce with Asian nations was N76.09tn, while its trade with Latin and North American countries was N8.45tn.
The African Continental Free commerce Area (AfCFTA) was created in 2018 to promote commerce inside Africa. The AfCFTA seeks to remove tariffs and other trade obstacles in order to boost trade revenue in Africa by $450 billion by 2035. The difficulty of settling trade contracts in local currencies, given the diversity of around 42 distinct currencies throughout the continent, is a significant obstacle to the success of the AfCFTA.
The majority of commercial transactions inside Africa are completed in US dollars or euros, which increases transaction complexity and costs and exposes companies to fluctuations in exchange rates. In 2022, the African Export-Import Bank launched PAPSS as a solution to this problem. PAPSS is a digital platform that removes the need for middlemen and conversion costs by enabling cross-border payments in native African currencies.
Since parliaments are in a better position to guarantee that states address poverty and inequality, young people will be deterred from engaging in terrorist activity, Stated Chinomona.
