Intra-African trade has reached $230 billion, with the continental trade bloc targeting $250 billion in trade volume by the end of the year.
Wamkele Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA), disclosed this as implementation of the landmark agreement gathers momentum across the continent.
Speaking during a panel session at the second day of the Invest Lagos 3.0 conference, Mene said the growth in trade among African countries reflects the increasing adoption of the AfCFTA framework, noting that 50 countries are currently implementing the agreement and that all protocols underpinning the pact have been concluded.
According to him, Africa must intensify efforts to deepen trade within the continent amid growing global economic uncertainties and shrinking opportunities in 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 observed that recent global disruptions, including the COVID-19 pandemic, the Russia-Ukraine conflict and tensions in the Middle East, exposed Africa’s vulnerability to external shocks and overdependence on imports.
He stressed that expanding trade among African nations would strengthen economic resilience and reduce the continent’s exposure to global supply chain disruptions.
The AfCFTA Secretary-General identified high trade finance costs, poor transport infrastructure, logistics bottlenecks and restrictions on the movement of people as major constraints to trade growth across Africa.
To illustrate the challenges, he noted that transporting goods between Lagos and Abidjan, a distance of about 1,080 kilometres, can take as long as 17 days due to multiple checkpoints and border-related delays.
Mene called for wider adoption of visa-free travel and visa-on-arrival policies for African business travellers, arguing that easier movement of entrepreneurs and investors would significantly boost commerce and investment across the continent.
He commended Nigeria, Ghana, Benin, Rwanda, Kenya, Togo and Congo-Brazzaville for taking steps to ease travel restrictions and promote regional integration.
On the digital economy, Mene described Lagos as Africa’s leading fintech hub and a major centre for innovation, noting that the continent’s digital economy is projected to reach $712 billion by 2035.
He said investments in digital infrastructure, data centres and payment systems would create new opportunities for businesses, entrepreneurs and farmers while facilitating seamless cross-border transactions.
“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) in enabling businesses to conduct cross-border transactions using local currencies without relying on the United States dollar.
On manufacturing, he described the sector as central to Africa’s economic transformation, noting that Lagos hosts one of the continent’s largest concentrations of industrial activity.
He urged governments and development finance institutions to improve manufacturers’ access to capital while removing barriers that hinder the movement of goods across African markets.
According to him, the combination of a rapidly expanding digital economy and growing industrial capacity provides a strong platform for accelerating Africa’s development and achieving its trade ambitions.
Mene further praised Lagos for its strategic role in shaping Africa’s economic future, describing the city as a critical hub for investment, manufacturing, technology and innovation.
He expressed confidence that stronger policy reforms, improved infrastructure and deeper regional cooperation would enable Africa to surpass current trade targets and unlock greater prosperity for its people.
