Nigeria and other West African countries collectively spend over $3 billion annually importing meat, often from distant suppliers such as Australia, despite the region’s abundant livestock resources.
The revelation has reignited calls for stronger regional trade integration and locally driven value chains under the African Continental Free Trade Area (AfCFTA).
This concern was voiced by Ms. Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at the African Export-Import Bank (Afreximbank), during a keynote address in Lagos on Monday.
Outdated and externally oriented trade practices
Awani criticized the continued dependence on foreign imports, describing it as a symptom of outdated and externally oriented trade practices rooted in colonial history.
“Historically, Africa’s trade patterns were hardwired to look outward, for machinery from Europe, textiles from Asia, and food from the Americas, while ignoring the gold in its own backyard,” she stated.
“West Africa spends $3 billion annually importing meat from Australia, while Botswana, Namibia, and Mali have surplus livestock.
“A Ghanaian shoemaker looks to Argentina for leather, while Nigeria, Ethiopia, and Burundi overflow with hides. A Senegalese supermarket stocks dairy from Europe, while East Africa leads in milk production,” she added.
Time to Build African Solutions for African Needs
Awani emphasized that the time is ripe for Africa to reverse this trend and unlock the economic potential of intra-continental trade. She advocated for building resilient regional value chains that prioritize African needs, African solutions, and African producers.
“We must urgently turn inward, deepen our integration, and build regional value chains. Intra-African trade is no longer a diplomatic aspect. It is an imperative for survival, recovery, and long-term prosperity.”
According to her, the Intra-African Trade Fair (IATF) has already facilitated over $100 billion in trade and investment deals since its inception. Nigerian businesses alone secured more than $11 billion in signed deals during the 2023 edition, positioning the country as a continental leader in trade innovation.
NEPC: Collaboration Key to Unlocking AfCFTA Potential
Also speaking, Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), noted that intra-African trade still accounts for less than 15% of Africa’s total trade, significantly lower than in Europe or Asia.
“We have the land, resources, and brilliant people. What we need now are the three Cs—collaboration, commitment, and coordination,” Ayeni said, calling for focused investment in sustainable value chains.
She highlighted recent progress, including a 24.7% growth in Nigerian non-oil exports in Q1 of 2024 and the export of 246 agricultural products to 126 countries. As part of NEPC’s AfCFTA strategy, 20 priority products and five target markets have been identified to guide national trade development.
Ayeni added that the approval of the CFA franc as a recognized repatriation currency would ease transactions between Nigeria and francophone West African countries. In a further move toward formalizing regional commerce, the NEPC has also begun capturing informal cross-border trade data to provide a clearer picture of trade flows and guide policymaking.
What You Should Know
Last week, Afeximbank revealed that Nigeria and other African countries are collectively losing approximately $7 billion annually to medical tourism, a trend that is draining foreign exchange and stalling the growth of local healthcare systems.
- Speaking at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja on Thursday, Mrs. Oluranti Doherty, Afreximbank’s Export Development Managing Director, said the trend was hindering economic development and weakening local healthcare infrastructure.
- She described the rising cost of medical tourism as a significant drain on African economies, pointing out that Nigeria alone loses an estimated $1.1 billion annually, while the continent collectively forfeits about $7 billion each year.
