AfCFTA targets $250bn intra-African trade
The African Continental Free Trade Area (AfCFTA) said it is on course to achieve an annual intra-African trade volume of $250 billion in the current year. The Secretary-General of the AfCFTA, Wamkele Mene disclosed this just as he commended the Lagos State Government for positioning the city as a leading centre for Africa’s industrialisation and […]
The African Continental Free Trade Area (AfCFTA) said it is on course to achieve an annual intra-African trade volume of $250 billion in the current year.
The Secretary-General of the AfCFTA, Wamkele Mene disclosed this just 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 ‘Invest Lagos 3.0’ Conference, in Victoria Island, Lagos, Mene disclosed that Intra-African trade is projected to reach $250billion in 2026, up from $220 billion recorded in 2025, reflecting growing implementation of the AfCFTA agreement across the continent.
He disclosed 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.
According to him, Africa must accelerate efforts to deepen trade among its countries as global economic challenges continue to limit access to traditional export markets.
“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 said.
The AfCFTA secretary-general 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.
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.
He urged governments and development finance institutions to improve manufacturers’ access to capital and eliminate trade barriers that hinder the movement of goods across African markets.
According to him, the combination of a rapidly growing digital economy and expanding industrial capacity provides the pathway for accelerating Africa’s economic development and achieving the continent’s trade ambitions.
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.
He expressed confidence that, with stronger policy reforms, improved infrastructure and deeper regional cooperation, Africa could surpass its current trade targets and unlock greater prosperity for its people.
The governor of Lagos State, Mr. Babajide Sanwo-Olu applauded 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.
The governor 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.