Minister of Industry, Trade and Investment, Dr Jumoke Oduwole
Stakeholders have called for stronger Africa-centred systems to reduce barriers affecting intra-African trade.
They made the call during a workshop on African trade settlement innovation held in Abuja for regional economic development.
The workshop was convened under the auspices of the Prof. Ngozi Egbuna International Centre for Regional Integration and Trade Research (ICRITR), Nnamdi Azikiwe University, Awka.
Participants included scholars, legal experts, financial professionals, technology specialists and trade policy stakeholders.
Participants identified foreign exchange constraints, fragmented commodity valuation systems and weak settlement infrastructure as major obstacles hindering efficient trade across Africa.
They urged coordinated reforms to improve transparency, efficiency and confidence regionally.
The meeting also examined the proposed African Structured Reciprocal Trade and Credit Model, ASTRA-C, alongside the Zamani platform aimed at supporting transparent trade coordination, settlement systems and regulatory compliance across African markets.
The stakeholders agreed to establish a Technical Working Group to develop the framework’s governance, legal and operational structure.
They also adopted phased implementation plans covering research, regulatory engagement and prototype development.
Participants emphasised that the initiative would complement existing banking systems and comply with regulatory requirements.
They further highlighted the need for governance, accountability, data protection and anti-money laundering safeguards across Africa’s trade ecosystem.
The stakeholders said Africa’s trade ambitions under the African Continental Free Trade Area, AfCFTA, required innovative and trusted settlement systems.
They added that the next phase would focus on technical design and institutional partnerships.(NAN)(www.nannews.ng)
