President Muhammadu Buhari has said expansion and diversification of involvement in international trade and global value chain by African countries is pivotal for wealth creation, generation of employment, poverty reduction as well as growth of African economies.
President Buhari stated this in a keynote address at the opening of the 9th African Shippers’ Day held in Lagos, according to a statement by Henshaw Ogubike, the Director (Press and Public Relations), Federal Ministry of Transportation.
He said the global economy is a source of growth that African economies cannot afford to ignore.
He noted that while African export of goods and services have seen their growth in the past decade, the volumes have remained low at just 3 percent of global trade.
Represented at the occasion by the Minister of State for Transportation, Prince Ademola Adegoroye, the President said African countries must expand and diversify their participation in international trade and global value chains in order to create wealth and promote their socio-economic development.