AfCFTA targets $250bn intra-African trade

•Lauds  Lagos on  industrial, digital transformation

By Emeka Anaeto

The Secretary-General of the African Continental Free Trade Area (AfCFTA),  Wamkele Mene, has disclosed that the continental trade bloc is on course to achieve an annual intra-African trade volume of $250 billion in the current year, up from $220 billion recorded in 2025.

This is even as he commended the Lagos State Government for positioning the city as a leading centre for Africa’s industrialisation and digital innovation.

Speaking at the just ended ‘Invest Lagos 3.0’ Conference Lagos Mene said the huge leap is reflecting growing implementation of the AfCFTA agreement across the continent.

He noted that, 50 African countries are currently implementing the agreement and that all the protocols underpinning the trade pact have been concluded, creating a stronger foundation for economic integration and regional commerce.

He stated: “Many African countries have lost market share in key international markets and face increasing trade barriers. We have to build a strong domestic market within Africa because our future growth lies here on the continent.

He stressed that, strengthening intra-African trade would help the continent become more resilient to future economic shocks.

He identified high trade finance costs, inadequate transport infrastructure, logistics bottlenecks and restrictions on the movement of people as some of the major barriers limiting trade growth across Africa.

He revealed that, transporting goods between Lagos and Abidjan, a distance of about 1,080 kilometres, can take up to 17 days due to multiple checkpoints and border-related challenges.

Mene also called for wider adoption of visa-free policies and visa-on-arrival arrangements for African business travellers, noting that, easier movement of entrepreneurs and investors would significantly boost trade and investment across the continent. Mene described Lagos as the continent’s leading fintech hub and a major driver of innovation.

He said Africa’s digital economy is projected to reach $712 billion by 2035, creating opportunities for entrepreneurs, farmers and businesses through digital payments, business connectivity and emerging technologies.

On manufacturing, Mene described the sector as central to Africa’s economic transformation, noting that, Lagos hosts one of the continent’s largest concentrations of industrialists.

Mene also praised Lagos for its strategic role in shaping Africa’s economic future, describing the city as a critical hub for investment, manufacturing, technology and innovation.

In his closing remark, the governor of Lagos State, Mr. Babajide Sanwo-Olu applauded the all the local and international investors, partners, sponsors, volunteer groups and well wishers of the State who are passionate  about the growth and development of Lagos.

He noted that, the State government is deliberate about its projects across critical sectors in Lagos, saying, those initiatives will define the next phase of Lagos.

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