The state of Tanzania and Africa’s recovery from waves of COVID 19 within the ambits of AfCFTA

 

"African Business Convention, a platform to prepare businesses for AfCFTA" Insightful deliberations on the future of successful business in Africa by some of the continent’s top business leaders, policymakers and investors took place on 1st - 2nd February 2022, Lagos, Nigeria, during African Business Convention. The theme of the forum centred on the concept of Africa Recovery from waves of COVID 19; measures and strategies to revive African countries’ economy. The forum was officiated by H.E. Mr. Babajide Sanwo Olu, Governor of Lagos State and brought together political leaders, policymakers, business community, investors and entrepreneurs across Africa and beyond. Tanzania High Commissioner to the Federal Republic of Nigeria, H.E. Ambassador Benson Alfred Bana, took this opportunity to move forward the agenda of Economic Diplomacy when presenting the concept of “the state of Tanzania and Africa’s recovery”. Among other things, H.E. stressed on the policy strategies, to recover Tanzania economy from the waves of COVID 19. 

The strategies include implementation of Economic Diplomacy, i.e promotion of investment opportunities available in Tanzania (mining, oil, gas, agriculture, blue economy, industries etc), products made in Tanzania for external markets as well as touristic attractions such as Mount Kilimanjaro, Zanzibar beaches, Serengeti and Ngorongoro national parks among many others; reviving national flag carrier airline (Air Tanzania Company Limited-ATCL), construction of Standard Gauge railway and construction of Julius Nyerere Hydropower Station. The session offered a unique platform for insightful debates around the prevailing challenges confronting businesses on the continent as well as emerging opportunities. 

However, certain challenges are harmonized across the continent, such as poverty, illiteracy, diseases, insecurity, poor nutrition and food security, access to financing, slow economic growth rate, inadequate energy supply and infrastructural deficits. These challenges affect the individuals and businesses alike, hence making it difficult for companies to thrive locally and compete globally. Also, it was an opportunity for business communities to communicate their expectations and fears to policymakers in ensuring the African Continental Free Trade Area (AfCFTA) delivers on its expected prospects. It was revealed that there are also knowledge gaps on implementation of the trade agreement and how business communities can effectively participate and to shed light on this. The forum was a platform to strengthen dialogue between governments and organized businesses in Africa, with the aim of removing barriers to investments and enabling the growth and prosperity of African business communities. It was a drive discourse that set the agenda for African business for the years ahead.