"Both nations are committed to strengthening their bilateral ties and providing leadership on the continent. This partnership has the potential to significantly elevate Africa's status and influence in global affairs, offering a promising future," Prof. Adetula told Sputnik Africa, reflecting on the 11th Session of the Nigeria-South Africa Bi-National Commission (BNC), co-chaired earlier this month by presidents Cyril Ramaphosa and Bola Ahmed Tinubu.
"However, one of the biggest challenges for the AfCFTA will be to grow intra-African trade, which has, on average, been about 15% of Africa's total trade. Thus, African countries must ensure that the economic, regulatory, and political environment enables trade, industrial development and regional value chains," he cautioned.
"When policies are initiated towards the promotion and coordination of efforts to control the activities of TNCs [collective control of transnational corporations] within the region and promote industrialization as a means of checking constant vulnerability to changes in the global economy and the stimulation of the regional market and specialization, these will encourage a restructuring of the global system," he said.