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Dangote ties Africa’s global recognition to unity, cooperation

Aliko Dangote

President of Dangote Group, Aliko Dangote, has charged African leaders and citizens to be united in the promotion of the continent’s intrinsic greatness through improved trade relations amongst African countries.

He also said this will be propelled by closing ranks, to enable the continent chart its own course and maintain its rightful position on the globe.

Dangote spoke at the formal launch of the Pan-African Payment & Settlement System (PAPSS), a centralised payment and settlement infrastructure platform for intra-African trade and commerce payments, in Accra, Ghana, on Thursday.

Represented by the Group Managing Director, Dangote Industries Limited (DIL), Olakunle Alake, he lauded the African Union (AU), under the auspices of the Afreximbank, for the launch of the PAPSS, which he noted is aimed at facilitating payments across the continent.

He asserted that improved trade relations would greatly enhance the speed of recovery across Africa, noting that it had the potential to boost the level of economic activities through intra-Africa trade.

Improved trade relations would greatly enhance the speed of recovery across Africa, noting that it had the potential to boost the level of economic activities through intra-Africa trade.

Dangote also remarked that PAPSS would greatly address challenges such as: high-cost, lengthy correspondent banking relationships, delays, and a host of others, and therefore ease transactions among businesses across Africa.

He equally expressed optimism that the new payment system would enhance the volume of trade among countries, hitherto unrecorded or overlooked because of the informal approach towards these transactions.

According to him, such trades would now be captured to reflect the correct or at least close to the appropriate trading position, while also boosting economic activities across the continent.

While noting the enormous potential and benefits of PAPSS, Dangote however warned of possible teething issues, and therefore urged African regulators to look beyond such challenges and ensure a successful implementation of the PAPSS.

Thanking the member countries and organisations that contributed to the success of PAPSS leading to its launch, he borrowed the words of Ghana’s first President and Prime Minister, and renowned promoter of pan-Africanism – Kwame Nkrumah, saying: “The forces that unite us are intrinsic and greater…”

Dangote thus charged African leaders and citizens to continue to promote the continent’s intrinsic greatness through improved trade relations.

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