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In a bold move to strengthen Africa’s economic sovereignty, the African Continental Free Trade Area (AfCFTA) Secretariat and Afreximbank have joined forces to deepen regional integration and promote cross-border trade. At the 32nd Afreximbank Annual Meetings, both institutions outlined a shared vision to build a unified African market, reduce dependence on external economies, and drive inclusive growth across the continent.
Under the plenary theme “Realising the Vision of the African Founders: Progress Towards Africa’s Trade and Economic Integration,” Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, delivered a keynote address followed by a high-level panel discussion. Together, the sessions underscored the critical partnership between the AfCFTA and Afreximbank in transforming Africa’s economic landscape.
Secretary-General Mene opened by paying tribute to outgoing Afreximbank President Professor Benedict Oramah’s decade of leadership, crediting the Bank’s instrumental role in advancing industrial development, trade finance, and AfCFTA implementation. He framed the AfCFTA as Africa’s boldest economic reform agenda, a direct continuation of the Organisation of African Unity’s (OAU) founding mission to achieve economic liberation after political independence.
Mene highlighted unprecedented progress – 49 nations have ratified the AfCFTA Agreement, creating a unified market of 1.4 billion people with a combined GDP exceeding US $3.4 trillion.
This market, he stressed, is already unlocking opportunities. Nearly 3,000 Certificates of Origin have been issued, enabling SMEs and informal traders to access preferential tariffs. Notably, Nigeria’s recent trade data revealed Africa has become its largest export destination, a tangible shift away from historical reliance on non-African markets.
Additionally, Mene emphasized that AfCFTA’s success is inextricably linked to Afreximbank’s support. Key collaborative milestones include the Pan-African Payment and Settlement System (PAPSS), projected to save US $5 billion annually by enabling local-currency transactions; the US $10 billion AfCFTA Adjustment Fund to support tariff reforms; a US $1 billion Automotive Facility to boost vehicle manufacturing; and upcoming Transit Guarantees to streamline cross-border cargo movement.
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Despite progress, Mene acknowledged persistent challenges. These challenges included inefficient customs systems, costly trade finance, political instability, and slow ratification of the Protocol on Free Movement of Persons. Quoting the late Professor Adebayo Adedeji, he urged Africa to “break the apron strings of structural dependence” on commodity exports through industrialization, value addition, and green growth, a mission requiring deepened collaboration with institutions like Afreximbank.
Practical Pathways to Integration
A subsequent panel, moderated by Dr. Gainmore Zanamwe (Afreximbank), explored actionable strategies. H.E. Komara Kabine, Former Prime Minister of Guinea, stressed the non-negotiable need for physical infrastructure which include roads, ports, and digital backbones, to connect markets. He also called for grassroots trader education and faster commercial bank adoption of tools like PAPSS.
Nigeria’s Hon. Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, detailed her country’s structured approach, establishing a Central Coordinating Committee, negotiating new air cargo corridors e.g. with Uganda Airlines, mapping export opportunities for 713 SMEs, and partnering with the Africa Trade and Distribution Company (ATDC). This collaboration will revitalize Nigeria’s Commodities Exchange, reduce post-harvest losses and strengthen market intelligence.
Abdoul Aziz Ba, CEO of the African Trade and Distribution Company (ATDC), a joint initiative by Afreximbank, Arise IIP, and Equatoria, explained how the company tackles fragmentation by aggregating commodities from smallholders, managing logistics, and leveraging industrial zones to add value within Africa. “Size matters,” Ba noted, emphasizing ATDC’s role in building scale to attract global shipping lines and reduce costs.
Dr. Gainmore Zanamwe, Director, Trade Facilitation and Investment Promotion, Afreximbank, outlined Afreximbank’s role as the AfCFTA’s “twin,” operationalizing the OAU’s 1963 vision through initiatives like the $1 billion Africa Collaborative Transit Guarantee Scheme, the expanding PAPSS network,16 central banks, 150+ commercial banks, and the Intra-African Trade Fair (IATF). The upcoming IATF2025 in Algiers aims to generate $44 billion in deals. He also highlighted Afreximbank’s digital push, including the Africa Trade Gateway platform and “digital borders” pilot projects in Nigeria and Togo.
