AfCFTA: Manufacturers urge adoption of blockchain to transform African trade
Manufacturers and stakeholders across Africa are advocating for the integration of blockchain technology to transform trade under the African Continental Free Trade Area.
Blockchain technology is a key enabler for enhancing transparency, security, and efficiency in trade transactions across the continent.
The President of the Pan-African Manufacturers Association, Mansur Ahmed, said this push aligns with AfCFTA’s goals of increasing intra-African trade by reducing barriers and fostering economic integration.
Themed “Manufacturing, Value Creation, and Market Integration in Africa: Challenges and Opportunities for Africa’s Manufacturers,” the webinar featured key stakeholders from across the African manufacturing value chain.
Speaking during the PAMA capacity-building webinar on Wednesday, Ahmed expressed concern about the low intra-Africa trade.
He said: “The push for blockchain integration comes as manufacturers grapple with challenges such as limited market access, complex trade procedures, and lack of trust in cross-border transactions.
“By leveraging blockchain’s immutable record-keeping, smart contracts, and traceability features, manufacturers believe they can overcome these hurdles and create a more seamless trading environment within Africa.
“Recognising the immense potential of blockchain to streamline processes, enhance transparency, and boost efficiency, industry leaders are calling for its widespread implementation to unlock the full potential of the AfCFTA.”
Ahmed also noted that AfCFTA offers opportunities for job creation, market access, and financial inclusion, but requires a multi-stakeholder approach.
Stakeholders during the PAMA webinar discussed the need for a comprehensive African manufacturing directory, engaging with African banks, and a platform to showcase and exchange goods across the continent.
They also highlighted the importance of payment technology as a backbone for connecting trade transactions, while addressing challenges faced by small and medium manufacturers in Africa, including access to affordable finance and infrastructure.
Other speakers at the PAMA webinar included the Director of Private Sector Development at the ECOWAS Commission, Dr. Tony Luka Elumelu; Director of Export Development, Ma Oluranti Doherty; Lead Expert of Trade Enablement at the NGAfCFTA Secretariat, Mr. Olusegun Olutayo; CEO of Africa eTrade, Mr. Mulualem Syoum; and DGCEO of the Manufacturers Association of Nigeria and Co-Interim Secretary General of PAMA, Dr. Segun Ajayi Kadiri.
