Africa’s trade dream takes shape as AfCFTA, Afreximbank lead the way

Abuja. Africa’s journey towards full economic integration took a bold step forward last month as leaders, policymakers, and financiers gathered in Abuja for the 32nd Afreximbank Annual Meetings (AAM2025). Against a backdrop of mounting urgency to turn continental ambitions into actionable results, the summit spotlighted the deepening alliance between the African Continental Free Trade Area (AfCFTA) Secretariat and Afreximbank as a catalyst for transforming Africa’s trade landscape.

Held under the theme “Realising the Vision of the African Founders: Progress Towards Africa's Trade and Economic Integration,” the meetings underscored a shared determination to build a connected, self-reliant Africa through industrialisation, value addition, and intra-African trade.

In a keynote address, AfCFTA Secretary-General Wamkele Mene hailed the partnership as central to unlocking Africa’s potential, while also paying tribute to outgoing Afreximbank President Prof Benedict Oramah for his decade of transformative leadership.

Mr Mene described the AfCFTA as Africa’s most ambitious economic reform initiative since independence, rooted in the founding mission of the Organisation of African Unity (OAU) to achieve economic liberation. So far, 49 countries have ratified the AfCFTA agreement, creating a single market of 1.4 billion people with a collective GDP exceeding $3.4 trillion.

The progress, he noted, is yielding results. Close to 3,000 Certificates of Origin have been issued, granting SMEs and informal traders access to preferential tariffs. In a notable example, Nigeria’s latest trade data showed that African countries have now overtaken traditional markets as its largest export destination.

Mr Mene also highlighted Afreximbank’s critical role in operationalising the AfCFTA. He cited initiatives such as the Pan-African Payment and Settlement System (PAPSS), which is expected to save $5 billion annually through local currency transactions; the $10 billion AfCFTA Adjustment Fund to support tariff reforms; a $1 billion Automotive Facility to boost manufacturing; and a forthcoming Transit Guarantee scheme to ease cross-border trade.

However, he acknowledged persistent obstacles including inefficient customs systems, expensive trade finance, political instability, and delays in ratifying the Protocol on Free Movement of Persons.

He echoed the words of the late Prof Adebayo Adedeji, urging Africa to break its “apron strings of structural dependence” by embracing industrialisation, value addition, and sustainable growth.

 Actionable strategies for integration

A high-level panel discussion moderated by Dr Gainmore Zanamwe, Afreximbank’s director of trade facilitation and investment promotion, explored practical solutions to accelerate integration.

Former Prime Minister of Guinea, Mr Komara Kabine, underscored the urgent need for hard infrastructure such as roads, ports, and digital connectivity. He also called for wider adoption of PAPSS by commercial banks and deeper engagement with grassroots traders.

Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, outlined her country’s multi-pronged approach to AfCFTA implementation. This includes establishing a Central Coordinating Committee, negotiating air cargo corridors (e.g, with Uganda Airlines), mapping export opportunities for over 700 SMEs, and partnering with the Africa Trade and Distribution Company (ATDC) to revitalise Nigeria’s Commodities Exchange and cut post-harvest losses.

ATDC chief executive officer, Mr Abdoul Aziz Ba explained the company’s mission to aggregate commodities from smallholder farmers, improve logistics, and use industrial zones for local value addition. He stressed the importance of scale in attracting global shipping lines and reducing trade costs.

Dr Zanamwe reiterated Afreximbank’s central role as AfCFTA’s institutional “twin,” working to fulfil the OAU’s 1963 integration vision. The Bank’s ongoing efforts include the Africa Collaborative Transit Guarantee Scheme (valued at $1 billion), the growing PAPSS network—which now includes 16 central banks and over 150 commercial banks—and the Intra-African Trade Fair (IATF), with the upcoming 2025 edition in Algiers expected to generate US$44 billion in trade deals.

He also highlighted Afreximbank’s digital transformation initiatives, such as the Africa Trade Gateway and “digital borders” pilot projects in Nigeria and Togo, aimed at enhancing efficiency and transparency.

From vision to execution

The sessions marked a clear transition from aspiration to implementation. As Secretary-General Mene declared, Africa is building a “rules-based, functional, multilateral trading system.” The synergy between AfCFTA and Afreximbank—evident in payment platforms, financing tools, and logistics solutions—has become a driving force behind this transformation.

While significant hurdles remain, there are concrete signs of progress: Nigeria’s export shift, ATDC’s aggregation model, and digital innovations are all moving the continent closer to its goal of economic independence.

“We are tired of being a continent of potential. We must see results,” Mr Mene said. (Agencies)