Buhari Urges D8 To Support AU’s Single Market Drive

Buhari Urges D8 To Support AU’s Single Market Drive
October 20 11:01 2017 Print This Article

President Muhammad Buhari has urged members of the Developing 8 (D8) to support the African Union’s effort in establishing a single market.

Addressing the 9th edition of the D8 meeting, in Istanbul, the commercial capital of Turkey, on Friday, President Buhari said the establishment of a single market in the African continent would go a long way in boosting investment and economic development of member states.

He said “I am pleased to inform you of positive market development in Africa that will support our efforts as members of the D8 to enlarge or market, facilitate our trade, investments and develop our economies. In Africa, we are in the threshold of finalizing negotiation to establish the first ever single market for trade in goods and services on our continent, in the continental free trade area for Africa”.

President Buhari stressed that if the D8 supports the single market move, it will be “a win-win for all including member countries of the D8,” urging that as partners “ we will work together to support this effort of the African Union (AU) that will have the positive effect on global economic development and integration”.

While reiterating the importance of increasing trade and investment between member countries, Buhari said as members of the D8, “we need to intensify our activities with a view to enhancing various measures to promote trade and assist business communities from member states to invest in our countries and widen our cooperation. We need to work hard to establish integration, manufacturing structures and market”.

The Nigerian leader who expressed the nation’s commitment to upholding international trade and development best practices added that Nigeria is ready to host D8 ministers’ of industries in a meeting slated for between November 14-17, 2017, in Abuja.

“Nigeria is committed and actively promoting the policy of trade and investment for growth,” the president sad adding that “The gains from trade are reflected in greater competitiveness, full productivity, job creation, consumer welfare and prosperity. Economies that grows fastest and at more sustainable rate are those that actually promote trade and attract investment. We are committed to creating an enabling environment and making Nigeria an attractive place for business and investment”.

He congratulated the out going leaders of the D8 for their commitment to the overall development of the body and reaffirmed the commitment of Nigeria to upholding the objective upon which the body is built.

Meanwhile, members of the D8, on the sideline of the meeting, signed a memorandum of understanding with Islamic Bank.

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