Abuja, Nigeria – June 26, 2025
At the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held at the Transcorp Hilton in Abuja, Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, described the AfCFTA as “Africa’s most ambitious and compelling economic reform agenda of a generation.”
Speaking to delegates from across the continent and beyond, including African heads of state, ministers, trade experts, investors, and private sector leaders, Mene laid out the achievements, current progress, and challenges of the AfCFTA. His remarks were delivered during a keynote address on the second day of the high-level gathering, which is being held under the theme “Building the Future on Decades of Resilience.”
“We have moved beyond political declarations. We have moved beyond expressions of aspiration to create a rules-based, functional and operational multilateral African trading system,” Mene said.
A Vision of Economic Integration
Mene emphasized that the founding fathers and mothers of African unity envisioned an integrated continent built on shared infrastructure, trade, and industrial development. He noted that the decision taken in 2012 to significantly boost intra-African trade laid the groundwork for what is now the fastest-ratified economic agreement in African Union (AU) history.
As of June 2025, 49 AU member states have ratified the AfCFTA agreement. Mene called this a clear demonstration of political commitment to “take charge of Africa’s economic destiny.”
The agreement offers a combined market of 1.4 billion people and a GDP exceeding $3.4 trillion, positioning the continent as a formidable global economic bloc.
Tangible Gains So Far
According to Mene, implementation is already yielding results. Nearly 3,000 certificates of origin have been issued, allowing exporters across Africa to benefit from zero or reduced tariffs under AfCFTA rules. Key protocols have also been adopted, including those on investment, intellectual property rights, digital trade, competition policy, and women and youth in trade.
He referenced Nigeria’s changing trade pattern as an indicator of AfCFTA’s emerging impact:
“Nigeria’s Bureau of Statistics recently announced that Africa has overtaken the European Union as the country’s largest export destination,” he said.
This shift, he explained, reflects growing opportunities for SMEs, informal traders, tech entrepreneurs, and smallholder farmers to scale operations within the African market.
Strategic Partnerships and Instruments
Mene highlighted Afreximbank’s critical support in rolling out enabling tools that facilitate trade across the continent:
- The Pan-African Payment and Settlement System (PAPSS), which enables real-time transactions in local currencies, is expected to save the continent up to $5 billion annually in currency conversion costs.
- The AfCFTA Adjustment Fund, with an initial commitment of $1 billion, is providing transition support to countries undertaking tariff reforms.
- A $1 billion automotive industry facility is in place to support Africa’s entry into the vehicle manufacturing value chain.
Mene also pointed to ongoing efforts to launch the Transit Guarantee Scheme, which will ease cross-border cargo movement, and the AfCFTA e-Tariff Book, which is helping traders better navigate rules of origin and customs regulations.
Remaining Challenges
While progress is significant, Mene was candid about the hurdles ahead. He cited the slow ratification of the Protocol on the Free Movement of Persons, costly trade finance systems, and inefficient customs processes as barriers limiting full-scale implementation.
He warned that persistent instability and unconstitutional changes of government in parts of Africa continue to disrupt regional trade.
“Where there is instability, millions of farmers are cut off from markets,” he noted, calling for stronger commitment to peace and good governance.
A Call to Action
Mene urged African leaders and stakeholders not to lose sight of the founding vision.
“This is not just a trade agreement; it is a continental economic reform project. We must finish the job our founders began,” he said.
Referencing the late Prof. Adebayo Adedeji, a pioneer of African economic integration, Mene quoted:
“Africa must break the apron strings of structural and relational dependence on producing a limited number of cheap primary commodities.”
He called for bold capital investment in industrial production, critical minerals processing, and digital infrastructure, supported by collaborative efforts between the AfCFTA Secretariat and Africa’s leading development finance institutions such as Afreximbank, Africa Finance Corporation, and the African Development Bank.
About the Event
The 32nd Afreximbank Annual Meetings are taking place from 25–28 June 2025 in Abuja, Nigeria, bringing together policymakers and the private sector under a unified vision of transforming Africa’s trade and industrial base. This year’s edition is jointly hosted with the 3rd AfriCaribbean Trade and Investment Forum, further solidifying Afro-Caribbean economic ties.
