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.
Africa faces $100 billion annual trade finance gap, which constitutes a major hurdle to unlocking the full potential of the African Continental Free Trade Area (AfCFTA).
Secretary General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, has called for a significant reduction in Africa’s reliance on the US dollar in intra-continental trade, arguing that the current dependence is both inefficient and unsustainable.
A total of 22 Nigerian commercial banks have now joined the Pan-African Payment and Settlement System to facilitate cross-border payments across the continent.
The Nigerian government has said it hopes to create 10 million jobs across Africa by the end of 2025 through the African Continental Free Trade Area (AfCFTA) Digital Trade Protocol.
The Economic Commission for Africa (ECA) and the African Continental Free Trade Area (AfCFTA) have signed a Memorandum of Understanding (MoU) to enhance trade implementation on the continent.
Nigeria’s trade with African countries has yet to reach pre-COVID-19 levels despite the implementation of the African Continental Free Trade Area (AfCFTA) agreement in 2021.
The African Continental Free Trade Area (AfCFTA) increased intra-African trade by 20 per cent in 2022.
The quality of commodities supplied determines what value you get from the commodities market
It will be expanded to cover all of Africa, adding 53 more countries with a combined economy of over $2 trillion and over 1 billion population.
The sanctions on Russia should be a wake-up call for African leaders that reliance on western capacity for trade can be taken anytime from us.
The Nigerian National Action Committee on the AfCFTA, has revealed that its strategic objective is to capture 10% of Africa's imports by 2035.
