Afreximbank Targets $40bn to Strengthen Intra-African Trade

Afreximbank has reaffirmed its commitment to scaling up intra-African trade, industrialisation, and value-chain development under the African Continental Free Trade Area, pledging stronger trade-financing instruments and deeper policy support to ensure that no African country is left behind in the rollout of the single continental market.

The assurances were given in Abuja on Monday by the Director of Trade Facilitation and Investment Promotion, Intra-African Trade and Export Development at Afreximbank, Dr Gainmore Zanamwe, during his address at the AfCFTA Public Sector, Private Sector, and Press Summit.

Zanamwe, in his address made available to our correspondent, said Afreximbank has deliberately designed a suite of innovative financing tools to unlock new levels of trade and investment flows across the continent.

“Afreximbank designed a range of financing and trade facilitation instruments to support intra-African trade and the AfCFTA,” he said. “We disbursed $20n between 2017 and 2021 in support of intra-African trade and investment, and we are on course to double this to $40bn by 2026.”

He highlighted two flagship interventions—the Global Facility for Intra-African Trade Champions and the Engineer, Procure and Contract Initiative—which he described as catalytic vehicles for building homegrown industrial champions and expanding Africa’s productive capacity.

Under INTRA-CHAMPS, Afreximbank provides financing, risk guarantees, advisory services, twinning, and ecosystem-building support to companies with the capacity to scale across borders. Zanamwe said the programme is already transforming Africa’s industrial landscape. “Today, INTRA-CHAMPS has helped catalyse the pan-African expansion of several major industrial players,” he noted.

He cited the Egyptian-born multinational ElSewedy Electric, which leveraged Afreximbank’s support to spread operations across more than 15 African countries, delivering power and infrastructure projects essential to continental trade. He also referenced the Dangote Group, one of Afreximbank’s longest-standing beneficiaries, which he described as “Africa’s most iconic industrial conglomerate,” with cement, fertiliser, and refinery operations now anchoring value chains across the continent.

According to him, these success stories show that African companies, when equipped with the right tools, can lead Africa’s industrial revolution. “We are not just financing trade,” Zanamwe said. “We are laying the foundation for industrialisation, competitiveness and sustainable prosperity.”

He emphasised that Afreximbank’s strong presence at the P3 Summit is an expression of its unwavering commitment to ensuring that the AfCFTA becomes fully operational.

“Our presence at this gathering—the P3 Summit—is a clear testament that Afreximbank is fully committed to making the single market under the AfCFTA a reality,” he declared. “We are committed to taking the AfCFTA from a mere legal instrument and using it to catalyse industrialisation and the development of regional value chains.”

He added that the bank will continue to deploy its trade finance and facilitation instruments to accelerate the implementation of the continental market. “Our mandate is to promote and facilitate African trade, and the AfCFTA provides the framework for doing exactly that,” he said.

Zanamwe admitted that the transition to a liberalised trade regime may present challenges, especially for countries adjusting to new tariff structures. To address this, he explained that Afreximbank and the AfCFTA Secretariat jointly established the AfCFTA Adjustment Fund, backed by a $1bn commitment.

Of this amount, $100m has been allocated to the Credit Fund for commercial projects, while $10m has been placed in the Base Fund to support policy reforms.

“The Credit Fund is fully operational, with $10m already disbursed,” he said. “Fundraising has been underway since April 2025, and the Base Fund is positioned to provide grants to eligible countries and compensate for temporary losses in tariff revenue. This ensures that no country is left behind and that the agreement can be implemented by all.”

The Afreximbank director also touched on trade standards, quality assurance, and export competitiveness—factors he said are essential to the success of the AfCFTA. He noted that the bank supported the development of the Africa Quality Policy and also participated in the review of the Nigeria Quality Policy, which seeks to improve the quality infrastructure and market readiness of Nigerian products.

However, he stressed that Nigeria must now strengthen its legislative and regulatory framework to unlock the full benefits. “For the ecosystem for food safety to work well, Nigeria needs to ensure that the National Quality and Food Safety Bill is passed and implemented,” he said.

According to him, passing the bill will give Nigerian producers access to safer and higher-quality inputs, help local manufacturers meet domestic and export market requirements, and strengthen Nigeria’s foothold in regional value chains. He added that the measure will also ensure that the African Quality Assurance Centres operating in Nigeria are viable and sustainable, enabling them to deliver greater value to exporters.

Throughout his address, Zanamwe repeatedly stressed that the AfCFTA represents a once-in-a-generation opportunity for Africa to industrialise, scale up production, and build regional prosperity. He urged governments, regulators, and private-sector players to maintain the momentum.

“The AfCFTA is Africa’s pathway to economic transformation,” he said. “But it will take collective commitment, bold reforms, and strategic investments to unlock its full promise.”

Ending on an optimistic note, he added: “The future of African trade is continental, integrated and industrialised—and the time to act is now.”