Abuja, Nigeria — June 25, 2025
At the opening of the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), leaders and experts emphasized that the African Continental Free Trade Area (AfCFTA) is now the continent’s most ambitious and transformative economic reform.
Delivering his keynote at the Transcorp Hilton in Abuja, AfCFTA Secretary General Wamkele Mene described the agreement as the “most compelling economic reform agenda of a generation,” urging African nations to move away from structural and relational dependence on exporting cheap raw commodities.
“We must break the apron strings of dependence on a limited number of cheap primary commodities,” he said, invoking the late Professor Adebayo Adedeji’s call for economic self-reliance. “The time has come to industrialize, add value, and trade among ourselves.”
A Turning Point in African Trade
Wamkele Mene revealed that 49 African Union member states have ratified the AfCFTA, making it the fastest-ratified instrument in AU history. The agreement offers access to a unified market of over 1.4 billion people with a combined GDP exceeding $3.4 trillion.
Through reduced tariffs and simplified customs systems, intra-African trade is beginning to rise, particularly in the manufacturing sector. Close to 3,000 certificates of origin have already been issued to traders, manufacturers, and smallholder farmers under the agreement.
Supporting Tools and Infrastructure
Afreximbank’s President Prof. Benedict Oramah reiterated the bank’s commitment to supporting the AfCFTA through instruments such as the $10 billion AfCFTA Adjustment Fund, the $1 billion Automotive Industry Fund, and the Pan-African Payment and Settlement System (PAPSS).
“Without financial infrastructure to back integration, the AfCFTA cannot succeed,” Oramah stressed. PAPSS is projected to save African businesses up to $5 billion in currency conversion and transaction fees annually.
Challenges Remain
Despite the progress, Mene acknowledged several challenges:
- Limited ratification of the Protocol on Free Movement of Persons;
- Political instability in some regions;
- High trade finance costs; and
- Inefficiencies in customs systems.
He called for stronger collaboration among African governments, financial institutions, and the private sector to tackle these hurdles.
A Call for Political and Economic Unity
Echoing the vision of Africa’s founding fathers and mothers, Mene called on member states to show “unwavering political leadership” to carry forward the economic integration agenda.
“We are tired of being a continent of potential,” he declared. “It is time for the potential to produce results for African SMEs, youth, and smallholder farmers.”
The Afreximbank Annual Meetings continue this week with panels on healthcare investment, diaspora engagement, innovation, and industrialization.
