By George Ozalla
The African Export-Import Bank (Afreximbank) has called for stronger efforts to close gaps in market access, trade finance and regulatory information as part of measures to sustain the growth of trade among African countries.
Executive Vice-President, Intra-African Trade and Export Development at Afreximbank, Kanayo Awani, made the call while highlighting the growth recorded in intra-African trade in 2024.
According to her, intra-African trade rose by 5.4 per cent in 2024 to $206.6 billion, recovering from a 5.9 per cent contraction recorded in 2023. The figure was contained in Afreximbank’s Africa in Figures 2025 report.
Awani said the growth showed that there was considerable room to expand trade among African countries, adding that stronger trade flows could help unlock investment, accelerate industrialisation and promote the processing and value addition of the continent’s natural resources.
She, however, said African businesses continued to face difficulties in accessing information about market opportunities, understanding regulatory requirements and obtaining the financing needed to expand their operations across national borders.
Awani said addressing these challenges was important to ensure that the gains being recorded in intra-African trade translated into broader economic opportunities for businesses and countries on the continent.
The Afreximbank report showed that the recovery in intra-African trade was supported by improved performances in major economies, including South Africa, Nigeria and Morocco. It also put the share of intra-African trade in Africa’s total trade at 15.3 per cent in 2024, compared with 14.7 per cent in 2023.
Southern Africa remained the largest contributor to intra-African trade, accounting for 42.1 per cent of regional trade flows. South Africa, the continent’s leading intra-African trading nation, recorded trade with other African countries valued at $42.2 billion, representing 20.8 per cent of total intra-African trade.
West Africa accounted for 23.3 per cent, making it the second-largest intra-African trading sub-region. Afreximbank attributed part of the region’s performance to increased activities in countries including Mali, Côte d’Ivoire and Nigeria.
Awani said the African Continental Free Trade Area (AfCFTA) offered an important platform for taking the growth further, but stressed that businesses needed to be better connected to markets and provided with the financial and regulatory support required to operate across borders.
She identified the Intra-African Trade Fair (IATF) as one of the platforms helping to bridge some of these gaps by bringing businesses, investors and other economic players together.
According to Awani, the first four editions of the fair attracted more than 180,000 participants and 6,600 exhibitors from 132 countries, generating cumulative trade and investment deals valued at more than $167 billion.
She said a report on the impact of the IATF between 2018 and 2024 showed that 62.4 per cent of concluded deals directly supported intra-African trade, amounting to more than $8.5 billion in trade deals per edition since the fair began.
The fair has also benefited nearly 360,000 small businesses and SMEs, including women and youth-led enterprises, while generating significant employment opportunities across the continent.
Awani said the impact of the fair demonstrated that African businesses were willing and capable of expanding their activities, but needed effective platforms that could connect them with opportunities, partners, investors and the financing required to execute transactions.
She urged African businesses, particularly Nigerian enterprises, to take greater advantage of opportunities created by AfCFTA, noting that efforts were already being made in Nigeria to prepare businesses for the continental market.
She cited export readiness programmes, certification support and capacity-building initiatives involving institutions such as the Nigerian Export Promotion Council and the Small and Medium Enterprises Development Agency of Nigeria as some of the measures helping businesses prepare for cross-border trade.
Awani also pointed to developments in Lagos, including investments in the Lekki Deep Sea Port, logistics corridors, industrial clusters and business development hubs, as part of the infrastructure needed to support increased trade.
Nigeria is scheduled to host the next edition of the Intra-African Trade Fair in Lagos from November 5 to 11, 2027. Awani said the event would provide another opportunity to bring African businesses and investors together and deepen economic integration.
She said Africa had demonstrated that there was demand for stronger trade relationships within the continent, adding that the focus should now be on sustaining the momentum and turning increased market access into greater production, investment and industrial growth.
Awani said the continent was positioned to expand intra-African trade, but warned that the progress already recorded should not be allowed to lose momentum.
