Trade bloc chief says Africa must look inward for growth amid global economic uncertainty, while Lagos positions itself as a powerhouse for innovation and industrial expansion….
The African Continental Free Trade Area (AfCFTA) is on track to record an estimated $250 billion in intra-African trade this year, a significant increase from the $220 billion achieved in 2025, according to the organisation’s Secretary-General, Wamkele Mene.
Speaking at the Invest Lagos 3.0 Conference held in Victoria Island on Tuesday, Mene said the upward trend reflects growing commitment by African nations to the implementation of the continent’s landmark free trade agreement.
The AfCFTA chief revealed that 50 countries are now actively implementing the trade pact, with the necessary protocols already concluded, paving the way for deeper economic integration and stronger commercial ties across Africa.
According to him, the continent can no longer afford to depend heavily on external markets at a time when global trade dynamics are becoming increasingly unpredictable.
“Africa must build a stronger internal market,” Mene told participants at the conference. “The opportunities for sustainable growth and economic resilience lie within the continent.”
He noted that many African economies have faced mounting challenges in accessing traditional export destinations due to rising trade restrictions and shifting global economic priorities.
Mene pointed to recent global disruptions including the COVID-19 pandemic, the Russia-Ukraine conflict and ongoing geopolitical tensions in parts of the Middle East as stark reminders of Africa’s vulnerability to external shocks and supply chain interruptions.
He argued that expanding trade among African countries remains one of the most effective ways to reduce that vulnerability while unlocking new opportunities for businesses and investors.
Despite the progress recorded so far, Mene acknowledged that significant obstacles continue to slow the pace of trade across the continent.
Among the challenges he highlighted were expensive trade financing, poor transport networks, inefficient logistics systems and restrictions on the movement of people and goods across borders.
To illustrate the problem, he revealed that transporting goods from Lagos to Abidjan, a journey of just over 1,000 kilometres can take as long as 17 days because of numerous checkpoints and border-related delays.
He called on African governments to accelerate reforms that make cross-border commerce easier, including the adoption of visa-free travel and visa-on-arrival policies for business travellers.
Mene praised countries such as Nigeria, Ghana, Benin Republic, Rwanda, Kenya, Togo and Congo-Brazzaville for introducing measures aimed at simplifying travel for African citizens and entrepreneurs.
Beyond trade, the AfCFTA Secretary-General identified digital innovation as one of the most powerful drivers of Africa’s next economic chapter.
He described Lagos as the continent’s leading fintech destination, noting that the city’s growing technology ecosystem continues to attract investors, innovators and entrepreneurs from across Africa and beyond.
According to him, Africa’s digital economy is projected to expand to $712 billion by 2035, creating new opportunities across sectors ranging from agriculture and manufacturing to financial services and e-commerce.
Mene stressed the importance of investing in digital infrastructure, payment systems, data centres and emerging technologies capable of supporting seamless cross-border business transactions.
He also highlighted the growing importance of the Pan-African Payment and Settlement System (PAPSS), which allows businesses to settle transactions in local currencies, reducing dependence on the US dollar and lowering transaction costs.
On industrialisation, Mene described manufacturing as the backbone of Africa’s economic transformation and praised Lagos for hosting one of the continent’s largest concentrations of industrial and business activity.
He urged governments, financial institutions and development partners to improve access to funding for manufacturers while removing regulatory barriers that hinder expansion and competitiveness.
Closing the event, Lagos State Governor Babajide Sanwo-Olu reaffirmed his administration’s commitment to creating an environment that supports investment, innovation and sustainable economic growth.
The governor thanked local and international investors, development partners and stakeholders for their confidence in Lagos, adding that ongoing projects across key sectors are designed to shape the state’s next phase of development and strengthen its position as Africa’s leading commercial hub.
