AfCFTA Targets $250 Billion Intra-African Trade

The African Continental Free Trade Area>>> (AfCFTA) is on track to achieve an annual intra-African trade volume of $250 billion by 2026, up from $220 billion in 2025. This projection was announced by Wamkele Mene>>>, the Secretary-General of AfCFTA, at the 'Invest Lagos 3.0' Conference in Nigeria — Lagos State>>>. He highlighted that 50 African countries are currently implementing the agreement, with all underlying protocols concluded, forming a strong foundation for economic integration. Wamkele Mene>>> emphasized the need for Africa to deepen trade among its countries to counter global economic challenges and increasing trade barriers in traditional export markets. Key obstacles identified include high trade finance costs, inadequate transport infrastructure, logistics bottlenecks, and restrictions on the movement of people, with examples like the 17-day journey for goods between Lagos and Abidjan. Wamkele Mene>>> advocated for wider adoption of visa-free and visa-on-arrival policies for business travelers, commending countries like Nigeria>>>, Ghana>>>, Benin>>>, Rwanda>>>, Kenya>>>, Togo>>>, and Democratic Republic of the Congo>>> for their progress. He also underscored the importance of the digital economy, with Nigeria — Lagos State>>> recognized as a leading fintech hub, and the role of the Pan-African Payment and Settlement System in enabling local currency transactions to reduce dependence on the United States>>>. Manufacturing is also central to Africa's economic transformation, with Nigeria — Lagos State>>> hosting a significant concentration of industrial enterprises.