AfCFTA Targets $250bn Intra-African Trade in 2026, Says Mene
By Aboki Forex —
The Secretary-General of the African Continental Free Trade Area, Wamkele Mene, has said the bloc is on track to hit $250bn in annual intra-African trade this year. He spoke on Tuesday at the Invest Lagos 3.0 conference in Victoria Island, Lagos.
Mene said intra-African trade is projected to reach $250bn in 2026, up from $220bn recorded in 2025. He attributed the growth to the increasing implementation of the AfCFTA agreement across the continent. He noted that 50 African countries are now implementing the pact, and all its protocols have been concluded.
He said Africa must deepen trade among its nations as global challenges 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.
Mene said external shocks, including COVID-19, the Russia-Ukraine war, and Middle East tensions, exposed Africa’s vulnerability to supply chain disruptions. He stressed that stronger intra-African trade would make the continent more resilient to future shocks.
He identified high trade finance costs, poor transport infrastructure, logistics bottlenecks, and restrictions on the movement of people as major barriers. He revealed that moving goods between Lagos and Abidjan, a distance of about 1,080 kilometres, can take up to 17 days due to multiple checkpoints and border delays.
Mene called for wider adoption of visa-free policies and visa-on-arrival arrangements for African business travellers. He commended Nigeria, Ghana, Benin, Rwanda, Kenya, Togo, and Congo-Brazzaville for easing travel restrictions for Africans.
Digital Economy and Manufacturing
Mene described Lagos as Africa’s leading fintech hub. He said the continent’s digital economy is projected to reach $712bn by 2035, creating opportunities through digital payments and emerging technologies. “The future of Africa’s economy will be driven by digital innovation and industrialisation. We must invest in digital public infrastructure, data centres and payment systems that support seamless business transactions across borders,” he said.
He highlighted the Pan-African Payment and Settlement System, which enables businesses to trade using local currencies without relying on the US dollar.
On manufacturing, Mene said the sector is central to Africa’s economic transformation. He noted that Lagos hosts one of the continent’s largest concentrations of industrialists. He urged governments and development finance institutions to improve access to capital and remove trade barriers.
In his closing remarks, Lagos State Governor Babajide Sanwo-Olu thanked local and international investors, partners, and sponsors. He said the state government is deliberate about its projects across critical sectors, adding that these initiatives will define the next phase of Lagos.