Trade Opportunities & Regulations in Sub- Saharan Africa
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1 Trade Opportunities & Regulations in Sub- Saharan Africa Kemi Arosanyin Trade Development Specialist, Africa World Trade Center Miami Addis Ababa, Ethiopia Lagos, Nigeria Johannesburg, South Africa
2 Outline SSA - General Description The Business Environment The Economy U.S. SSA Two-Way Trade The Risk Profile The Opportunities Regional Integration Structure Ethiopia, Nigeria & South Africa Trade Facilitation Update Recommendation
3 It s Time for Africa We are excited and very positive about Africa. We are Optimists, but we are realistic optimists - our perspective is deliberately a glass half full rather than half empty one. This is mainly because we believe that it takes a positive mind set to succeed in Africa. If you set out expecting difficulty and risk, you will find it. However, ours is not a point of view informed by anecdotes and wishful thinking-the numbers speak for themselves Ajen Sita, CEO, Ernst & Young Africa Africa is where the future is going to be built Mark Zuckerberg, CEO, Facebook
4 Sub-Saharan Africa (SSA) Sub-Saharan Africa (countries below the Sahara desert) 48 countries are categorized under Sub-Saharan Africa (World Bank) Total Population billion (World Bank, 2015) Population Projection by billion (United Nations) Population Growth Rate 2.7%, Urban Population 37% Official Languages English & French
5 Africa is becoming more attractive The business environment has witnessed significant economic reforms over the last decade... SSA account for over a quarter of all reforms globally (37 countries in 2016). 5 countries among top ten (10) improvers globally (WB doing business 2015) Restored macro-economic stability Greater predictability & increased reliability of policy & regulatory framework Reduced corruption Investment protection & promotion intra and inter regional initiatives towards trade facilitation Young and growing workforce High returns on investment, spinoff on trade Source: World Bank development indicators 2011
6 Sub-Saharan Africa Economy GDP: $1.59 trillion (World Bank, 2015) 10% 25% 23% 8% 23% 11% 21% 13% 21% 15% 21% 16% 21% 17% 21% 18% 21% Average GDP Growth: 4.5% (IMF, ) Some economies remain one of the fastest growing FDI inflow to Africa was about $54 billion in 2015 (UNCTAD, 2016)
7 SSA GDP Growth Outlook
8 SSA GDP per capita Growth Trend Increasing per capital income Growing middle class Infrastructure Investment Growing Technology - Mobile Phones: 80% - Internet Access: 224 million Rate of Urbanization 4.1% Source: www. trading economics.com (World Bank)
9 U.S. SSA Two-Way Trade Stats
10 Why the declining trend? Lack of Awareness/Limited Understanding Africa: One of the few bright spots on the gloomy global economic horizon Negative Perception George Soros, Chairman of Soros Fund Management Hungarian-American business magnate, Investor, and philanthropist I had low expectations because usually what you read in the U.S. press about Nigeria is only bad news, violence, terrorism and lots of other bad stuff. I was actually positively surprised. Africa has come as a positive surprise and all in all, I think over the last 20 years, the macro framework for many of these frontier economies has improved. Nouriel Roubini, American Economist Professor of Economics & International Business at Stern School of Business, New York University
11 Sub-Saharan Africa Risk Profile Africa is seen as a high-risk zone for trade and investment Ernst and Young (2014) Survey on Africa Attractiveness identified the following top risks: - Unstable Political Environment - Corruption - Weak Security People perceive a lot more risk in Africa than there really is Rob Hersov, Chairman & CEO, Invest Africa Political Environment is more stable Successful elections and smooth transfer of power (Nigeria, Ghana) Regional powers aggressively pursuing peace ECOWAS efforts in Gambia Reduced corruption Increased demand for good governance and accountability
12 Where is the Growth? These 8 countries account for 51% of the region s population and 72% of its GDP Angola Kenya Cote d Ivoire Nigeria Ethiopia South Africa Ghana Tanzania
13 Where is the Growth?
14 Where are the Opportunities? Opportunities for trade and investment in sub-saharan Africa exist in 3 main areas o o o o Power Infrastructure Transportation Systems Healthcare Housing Natural Resources Abundant Land and Water Rich in Mineral Resources Agriculture Consumer Goods Huge Population Urbanization Rate Growing Middle Class
15 Key Economic Growth Indicators World Bank Group earmarks $57 billion for SSA over the next three years McKinsey s Report Household consumption projected to grow from $1.4 to $2.1 trillion by 2025 Business spending projected to grow from $2.6 to $3.5 trillion by 2025 Total spending would increase from $4 to $5.6 trillion by million housing units required in Nigeria, Egypt and South Africa by 2025 EXIM Bank (U.S.) has supported export transactions worth over $7 billion to Africa in the last eight years
16 Trade Facilitation Progress in SS Africa There s greater efficiency and improvement in cross border trade in SSA. Stronger regional integration and economic communities are emerging Customs administrations have become more efficient due to reforms Implementation of computerized risk management systems and the extension of operating hours by customs Harmonization of customs procedures with neighboring countries and at sub-regional levels resulting in substantial reductions in clearance time. Electronic Single Windows (SW), linking the various stakeholders in the international trade chain. Customs, customs brokers, banks, traders and several government agencies. Customs Declaration Document - Customs modernization and automation program which has replaced 32 documents in the COMESA community. Advance Cargo Information System (ACIS) - Integrated transport logistics management tool for tracking transport equipment and cargo.
17 Regional Integration Network in SS Africa
18 ETHIOPIA (EAST AFRICA) Population: 99.4 million Area: 1,104,300 Sq. km GDP (2015): $61.5 Billion GDP Growth Rate (2015): 6.9% GDP per Capital (2015): $1,629 Capital City: Addis Ababa Ethnic groups: Amharic, Oromo, Somali Languages: English (Business), Traditional (Amharic)
19 ETHIOPIA Trade Regulations Product Conformity Assessment - Food and food products - Chemical products - Textile, leather, plastic and rubber - Mechanical materials, Electrical & electronics Pre-shipment Inspection Requirement - Certificate of Inspection (CoI) - Product Certification (Physical inspection at origin or Pre-shipment Verification of Conformity (PVoC) by SGS - Laboratory Testing by ISO/IEC Product marking/labeling o Certificate of Conformity fee - Minimum of $350 or 0.5% of the FOB value o Both Value-Added Tax (VAT) and excise taxes are imposed on imports o Value Added Tax (VAT) of 15% apply on all imports
20 NIGERIA (WEST AFRICA) Population: million Area: 923,768 Sq. km GDP (2015): $481.1 Billion Real Growth Rate (2015): 2.7% GDP per Capital (2015): $2,640 Capital City: Abuja (Political), Lagos (Commercial Hub) Ethnic groups: Hausa (29%), Yoruba (21%), Igbo (18%) Languages: English (Official), Traditional (Hausa, Yoruba, Igbo)
21 NIGERIA Trade Regulations Nigeria runs a Conformity Assessment Program called SONCAP. Product Verification in country of export - Issuance of Product Certificate (valid for one year) Flat fee of $300 Product Certificate is required by importer to open Form M (Import Application Form) - Issuance of SONCAP Certificate per shipment Flat fee of $300 SONCAP Certificate is required for customs clearance - SGS appointed to carry out physical inspection /laboratory test Labeling and Marking Third party testing must be handled by ISO accredited laboratory Labeling and Marking requirements, all items must be labeled in metric terms exclusively. Nigeria uses common external tariff in line with ECOWAS framework Goods exempted from SONCAP such as food, drugs and beverages are regulated by NAFDAC
22 SOUTH AFRICA (SADC) Population: 54.9 million Area: 1,219,090 Sq. km GDP (2015): $314.6 Billion Real Growth Rate (2015): 1.3% GDP per Capital (2015): $5,724 Capital City: Pretoria (Executive); Bloemfontein (Judicial); Cape Town (Legislative) Ethnic groups: Black Africa (79%), White (9.6%), Colored (8.9%), Indian/Asian (2.5%) Languages: English (Official business language), Traditional (11 official local languages)
23 SOUTH AFRICA Trade Regulations The import/export procedure in South Africa is a bit complex involving some administrative hurdles and the following basic requirements: Uses Single Administrative Document to declare all imports, exports, cross border and transit movements Importer registration and importer s code from South African Revenue Service is required Import licenses are required for restricted items Strong regulatory standards for labeling and marking South Africa has free trade agreement (FTA) with the EU under the umbrella of SACU and it applies common external tariff to third parties including the U.S. Tariff schedule has almost 40 different rates and protective tariffs exist VAT is about 14% and payable on nearly all imports except some exemptions Strict implementation of equity equivalent programs which emphasize training and development of local companies - Knowledge/skill transfer - Mandatory industrial localization requirement for foreign firms
24 Sub-Saharan Africa Trade Challenges & Risk Management Strategies Import/Export controls and regulations can change with little notice or warning;» Focus on Awareness and Compliance Violations are punished by fines, seizures, export bans and can lead to negative publicity;» Understand Rules and Exemptions and use them effectively Companies need to evolve their own practices to fit each unique business environment;» Use Tools & Resources that aid Robust Compliance Program
25 General Recommendations Overcoming challenges related to trade in Africa require a long term approach Use available resources to find the right local partners and clients - U.S. Exim Bank, World Trade Centers Association global network, U.S Embassy, AMCHAM, Chambers of Commerce and Trade Organizations Participate in trade missions and be open to two-way trade with Africa Build long lasting business relationships Engage the services of a competent and experienced clearing/customs agent to help navigate regulatory requirements Exporting US companies must comply with all regulations locally and abroad Lastly, be prepared to navigate trade facilitation complexities without losing sight of inherent opportunities in the region.
26 On a Final Note One of the four pillars of the U.S. strategy toward Sub-Saharan Africa is to Encourage U.S. companies to trade with and invest in Africa. The region s huge population and improving business environment continue to offer rewarding market opportunities.
27 Let s go to Africa
28 Contact Information Kemi Arosanyin Trade Development Specialist, Africa World Trade Center, Miami 1007 N. America Way, Suite 500 Miami, FL Phone: Mobile:
29 Thank you!
Capital is Abuja with economic center being Lagos. Official language is English. US-style federal republic, legislation based on English law
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