The Minister of Finance and Coordinating Minister of the Economy, WALE EDUN, the Governor of the Central Bank of Nigeria, OLAYEMI CARDOSO, and other members of the African Caucus have urged immediate removal of barriers to intra-African trade.

This was contained in a communique issued at the end of the Caucus meeting which held between August 1-3 in Abuja.

African Caucus is the body of African Ministers of Finance and Central Bank Governors of the region under the auspices of the World Bank and the International Monetary Fund (IMF).

According to the communique made available to newsmen, the meeting recognized the importance of intra-African trade in unlocking production, investments, and jobs in Africa.

The caucus said addressing both tariff and non-tariff barriers to intra-African trade including fragmented payment ecosystems, poor energy access, lack of infrastructure, inconsistent regulatory frameworks, and divergent cross-border procedures is critical to bolstering Africa’s share of global trade and stimulating sustainable and inclusive growth in the continent.

They added that trade could stimulate economic growth by creating opportunities for increased production, investment, and job creation.

The Caucus also called on the IMF and World Bank Group to ensure that their support to member countries continued to be guided by principles of balance and even handedness, and consistent with their own policies.