Unlocking Africa’s Potential: The Crucial Role of Industrialization in AfCFTA
The African Continental Free Trade Area (AfCFTA) is a historic opportunity for Africa to transform its economic landscape and promote long-term development. The AfCFTA agreement has been signed by 54 African countries and is on track to become the world’s largest free trade area by a number of participating countries. While the agreement has enormous potential for promoting economic growth and development, Industrialization is the driving force behind economic growth, job creation, and increased competitiveness in African free trade zones.
Introduction
Industrialization is fundamental to long-term economic growth. It entails shifting an economy from being primarily agrarian and resource-dependent to one that is based on manufacturing and advanced production processes. In simpler terms, it is the shift from handmade and small-scale production to mass production with the help of machines. To fulfill AfCFTA’s promise of increasing intra-African trade and economic prosperity, member countries are required to prioritize industrialization.
