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President William Ruto has said that time has come for Africa’s economic transformation and industrialization, as part of creating opportunities for the growing youth population.

Ruto said yesterday that Africa should execute a transition from merely supplying world markets with raw commodities to a broad spectrum of value-added contributions, including tradeable services and embracing rapidly evolving digital technologies, to accelerate economic growth and create employment opportunities.

He stated that Africa Continental Free Trade Area (AfCFTA) provides a crucial opportunity for Africa to define terms and conditions under which to pursue continent’s self-sufficiency with the aim of actualizing authentic African self-determination.

“Under the African Continental Free Trade Area, we have a chance to transform our continent into a global economic powerhouse and elevate the lives of millions of African citizens,” Ruto said during the launch of AfCFTA trade and policy development centre at Strathmore University, Nairobi.

He stated it is projected that the AfCFTA could create two million additional jobs and lift 30 million people out of extreme poverty by 2035.

The agreement establishing AfCFTA, already signed by 54 out of 55 African Union Member States, he said, establishes the largest free trade area in the world, covering a market of over 1.3 billion people and a combined GDP of around $3.4 trillion.

It will thus expected to create unprecedented opportunities to accelerate economic growth and transformation, foster regional integration and improve the lives of millions of Africans.

“It is imperative that we foster a categorically pro-business environment, characterised by transparent and predictable regulations, robust legal frameworks, and protection of intellectual property rights. This will attract foreign direct investment, encourage local entrepreneurship, incubate innovation and promote responsible business practices that create quality jobs and contribute to sustainable development,” said the President.

Although politically sovereign, economically, Ruto said Africa has been trapped in the vicious cycle of underdevelopment and poverty, now compounded by a debt trap and a climate crisis.

“Africa’s growing youthful population was similarly represented as a ticking time bomb that would explode into intense poverty and endless fighting. Even Africa’s forests were not spared; they were dangerous hideouts teeming with dangerous youths awaiting the opportune moment to unleash unspeakable horror,” said Ruto.

The President said AfCFTA should be more than just an economic integration initiative and a trade agenda because it is also a powerful symbol of Africa’s unity and determination to chart its own path towards prosperity and represents a revolutionary paradigm shift in approach to development, where innovation, collaboration and cooperation take center stage.

“It signifies our commitment to breaking down borders, bridging divides and mobilising the nations and peoples of Africa to aspire collectively and strive in unity towards a shared destiny,” Ruto said.