By Radarr Africa
The African Export-Import Bank (Afreximbank) has warned that Africa鈥檚 failure to trade effectively within itself is due to poor market intelligence, weak connectivity, and the absence of structured trade platforms. This position was presented by the bank鈥檚 Executive Vice President for Intra-African Trade and Export Development, Kanayo Awani, during the Nigeria for Intra-African Trade Fair (IATF) 2025 Business Roadshow held in Lagos on Monday.
Awani stated that the continent鈥檚 inability to scale up intra-African trade was not a result of lack of interest among Africans but due to outdated trade structures and a long-standing dependence on external economies. She pointed out that Africa still follows colonial-era trade patterns, where countries depend on imports from Europe, Asia, and the Americas for products that can be sourced within the continent.
Using a practical example, she noted that 鈥渁 Ghanaian shoemaker would look to Argentina for leather, while countries like Nigeria, Ethiopia, and Burundi are rich in hides.鈥 She also revealed that West African countries spend over $3 billion annually importing meat from as far away as Australia, despite having large livestock populations in Chad, South Sudan, Botswana, Mali, and Nigeria.
Awani urged African countries to urgently shift their focus inward by strengthening regional integration and building robust value chains that support local production and trade. She described intra-African trade as a necessity for the continent鈥檚 survival, recovery, and long-term prosperity, especially in the post-pandemic and economic recovery era.
She called on the continent to embrace the African Continental Free Trade Area (AfCFTA) agreement more seriously, noting that trade among African nations must become a central development priority. According to her, platforms like the IATF, supported by Afreximbank, are crucial to transforming Africa鈥檚 trade narrative.
The upcoming IATF 2025, scheduled to take place in Algeria from September 4 to 10, is expected to bring together buyers, sellers, investors, and entrepreneurs from across the continent. Awani described it as a 鈥渃ontinental marketplace鈥 designed to address long-standing gaps in trade, connect stakeholders, and expand market access.
Since its inception, the IATF has facilitated more than $100 billion in trade and investment deals. At the 2023 edition alone, Nigerian companies signed deals worth over $11 billion. Awani praised Nigeria鈥檚 active participation in past editions and encouraged the country to lead rather than just participate.
She commended the Federal Government for its trade facilitation policies, including the establishment of export-oriented special economic zones, the digitalisation of customs processes, and the support for non-oil exports through initiatives such as the Export Expansion Facility Programme.
Awani also highlighted joint efforts between Afreximbank and Nigeria鈥檚 government on the African Trade and Distribution Commune, a project designed to ease cross-border trade and support small and medium enterprises (SMEs). She said Nigeria鈥檚 large population, nearly $500 billion GDP, industrial base, and cultural influence place it in a strong position to drive AfCFTA implementation.
Also speaking at the roadshow, the Executive Director and CEO of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, lamented that intra-African trade accounts for less than 15 per cent of Africa鈥檚 total trade, far below Europe and Asia鈥檚 levels. She emphasised the need for investment in sustainable value chains and stronger regional cooperation.
Ayeni introduced NEPC鈥檚 鈥渢hree Cs鈥 strategy for AfCFTA success鈥攃ollaboration, commitment, and coordination. She announced that NEPC, in partnership with stakeholders, had identified 20 priority export products and five key target markets for each product, as part of its AfCFTA-focused export plan.
According to Ayeni, Nigerian non-oil exports grew by 24.7 per cent in the first quarter of 2024, with 246 agricultural products exported to 126 countries. She also revealed that the recent approval of the CFA franc as a repatriation currency would boost Nigeria鈥檚 trade with francophone West African countries.
The NEPC boss disclosed that the Council had started capturing informal trade data at Nigeria鈥檚 borders to help improve trade policy decisions with accurate statistics. She added that NEPC was not only participating in IATF 2025 but also mobilising Nigerian exporters to take leadership roles in the event.
In her final remarks, Ayeni stated, 鈥淭his is our story, and it must change.鈥 She called on all Nigerian exporters, public agencies, and private sector players to take advantage of the trade fair and ensure the country leads in shaping Africa鈥檚 trade future.