APA-Addis Ababa (Ethiopia) The United Nations Economic Commission for Africa (UNECA) said the African Continental Free Trade Area (AfCFTA) Agreement has the potential to transform the fortunes of the demographic dividend in Africa.
The UNECA, in a statement issued Thursday, said the continental free trade pact, touted as the world’s largest single trade area by size, could transform the fortunes of the demographic dividend, with due emphasis given to Africa’s youth.
Noting that young people between 18 years and 35 years of age make up more than 70 percent of the population in Africa, the UNECA said Africa’s youth are an attractive asset in accelerating the continent’s economic growth and industrialization.
The UNECA cited a recent forecast of the African Development Bank (AfDB), indicating there will be 850 million youth by 2050, and by 2063, young people will constitute half of the 2 billion working-age population. “This asset class can deliver demographic dividends if the right policies are put in place to promote adequate investments in the youth,” it said.
According to the UNECA, the AfCFTA, bringing together a population of 1.3 billion people, will boost intra-African trade by eliminating trade barriers through protocols on trade in goods and services, investment, intellectual property rights and competition policy.
The UNECA said the AfCFTA, which went into operation back in January 2021, presents a new opportunity for the youth in Africa through the promotion and expansion of trade.
Noting the potential of the AfCFTA in terms of transforming the fortunes of the demographic dividend in Africa, the UNECA underscored that market research can be a game-changer for young entrepreneurs trading under the AfCFTA.
MG/abj/APA