The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene, has disclosed that the continental trade bloc is on track to achieve an annual intra-African trade volume of $250 billion in 2026.
Mene made the disclosure at the Invest Lagos 3.0 Conference held in Victoria Island, Lagos, where he also praised the Lagos State Government for positioning the city as a leading hub for industrialisation, innovation, and digital transformation in Africa.
According to him, intra-African trade is projected to rise to $250 billion in 2026 from $220 billion recorded in 2025, reflecting increased implementation of the AfCFTA agreement across the continent.
He noted that 50 African countries are currently implementing the trade pact and that all protocols supporting the agreement have been concluded, providing a stronger framework for regional economic integration and commerce.
Mene stressed the need for African countries to intensify efforts to deepen trade among themselves as global economic uncertainties continue to affect 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.
He explained that external shocks such as the COVID-19 pandemic, the Russia-Ukraine conflict, and geopolitical tensions in the Middle East exposed the continent’s dependence on imports and vulnerability to global supply chain disruptions.
According to him, expanding intra-African trade would strengthen economic resilience and reduce the impact of future global crises on African economies.
Mene identified high trade finance costs, poor transport infrastructure, logistics bottlenecks, and restrictions on the movement of people as major obstacles limiting trade growth across the continent.
He revealed that transporting goods between Lagos and Abidjan, a distance of approximately 1,080 kilometres, can take as long as 17 days due to numerous checkpoints and border-related challenges.
To address these constraints, he called for broader adoption of visa-free policies and visa-on-arrival arrangements for African business travellers, noting that easier movement of entrepreneurs and investors would significantly boost trade and investment.
The AfCFTA chief commended countries such as Nigeria, Ghana, Benin, Rwanda, Kenya, Togo, and Congo-Brazzaville for taking steps to ease travel restrictions for African citizens.
Speaking on the digital economy, Mene described Lagos as Africa’s leading fintech hub and a major centre for innovation. He noted that the continent’s digital economy is projected to reach $712 billion by 2035, creating significant opportunities for businesses, entrepreneurs, and farmers 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.
Mene also highlighted the role of the Pan-African Payment and Settlement System (PAPSS), which enables businesses to conduct cross-border transactions using local currencies without relying on the United States dollar.
On industrial development, he described manufacturing as a critical pillar of Africa’s economic transformation. He noted that Lagos hosts one of the continent’s largest concentrations of industrialists and called on governments and development finance institutions to improve access to capital for manufacturers while eliminating trade barriers.
In his closing remarks, Lagos State Governor Babajide Sanwo-Olu commended local and international investors, development partners, and sponsors committed to the growth of the state.
Sanwo-Olu said the state government remains intentional about investments and projects across critical sectors, adding that these initiatives would shape the next phase of Lagos’ development and strengthen its position as a leading economic destination in Africa.
