The Secretary-General of the African Continental Free Trade Area (AfCFTA), Mr. Wamkele Mene, has announced that the continental trade bloc is on course to achieve an annual intra-African trade volume of $250 billion in the current year of 2026. Speaking at the ‘Invest Lagos 3.0’ Conference in Lagos, Mene commended the Lagos State Government for successfully positioning the city as a leading center for Africa’s industrialization and digital innovation.
He disclosed that intra-African trade is projected to hit $250 billion in 2026, up from the $220 billion recorded in 2025, which reflects the accelerating and growing implementation of the AfCFTA agreement across the continent. He further noted that 50 African countries are currently implementing the agreement and that all the underlying protocols underpinning the trade pact have been successfully concluded, creating a significantly stronger foundation for economic integration and regional commerce.
According to the Secretary-General, Africa must rapidly accelerate its efforts to deepen trade among its own nations as ongoing global economic challenges continue to limit access to traditional export markets. He highlighted that many African countries have already lost market share in key international markets and face increasing trade barriers, underscoring that Africa’s future growth lies within the continent and necessitates the construction of a robust domestic market.
Mene also emphasized how recent external shocks, including the COVID-19 pandemic, the Russia-Ukraine conflict, and geopolitical tensions in the Middle East, exposed Africa’s severe vulnerability to global supply chain disruptions and import dependence, stressing that strengthening intra-African trade is vital to help the continent become more resilient to future economic shocks.
The AfCFTA Secretary-General identified high trade finance costs, inadequate transport infrastructure, logistics bottlenecks, and strict restrictions on the movement of people as some of the major barriers currently limiting trade growth across Africa. To illustrate these bottlenecks, he disclosed that transporting goods between Lagos and other African cities can take up to 17 days due to multiple checkpoints and border-related challenges.
Consequently, Mene called for the wider adoption of visa-free policies and visa-on-arrival arrangements for African business travelers, noting that the easier movement of entrepreneurs and investors would significantly boost trade and investment across the continent, while commending nations like Nigeria, Ghana, Benin, Rwanda, Kenya, Togo, and Congo-Brazzaville for taking concrete steps toward easing travel restrictions.
Describing Lagos as the continent’s leading fintech hub and a major driver of innovation, Mene stated that Africa’s digital economy is projected to reach $712 billion by 2035, creating massive opportunities for entrepreneurs, farmers, and businesses through digital payments and emerging technologies. He asserted that the future of Africa’s economy will be fundamentally driven by digital innovation and industrialization, urging stakeholders to invest heavily in digital public infrastructure, data centers, and payment systems that support seamless, cross-border business transactions.
Furthermore, he highlighted the critical role of the Pan-African Payment and Settlement System (PAPSS) in enabling businesses to conduct cross-border transactions using their local currencies, thereby bypassing a reliance on the United States dollar, and urged governments and development finance institutions to eliminate trade barriers and dramatically improve manufacturers’ access to capital to fuel Africa’s economic transformation.
