Afreximbank has set an ambitious target of $40 billion to accelerate intra-African trade and industrialisation under the African Continental Free Trade Area (AfCFTA). Speaking at the AfCFTA Public Sector, Private Sector, and Press Summit in Abuja, Dr. Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, outlined the bank’s commitment to providing robust trade-financing instruments and policy support to ensure all African nations benefit from the continental market.
Since 2017, Afreximbank has disbursed $20 billion in support of intra-African trade and investment, and the bank is on track to double this figure by 2026. Zanamwe highlighted two flagship initiatives—INTRA-CHAMPS (Global Facility for Intra-African Trade Champions) and the Engineer, Procure, and Contract Initiative—as critical tools for developing homegrown industrial champions and expanding Africa’s productive capacity. These programs offer financing, risk guarantees, advisory services, and ecosystem-building support to companies ready to scale across borders.
Success stories demonstrate the effectiveness of these interventions. Egyptian-born multinational ElSewedy Electric expanded into over 15 African countries with Afreximbank’s backing, while the Dangote Group, Africa’s largest industrial conglomerate, has strengthened cement, fertilizer, and refinery value chains across the continent. Zanamwe emphasized that equipping African companies with the right tools enables them to lead the continent’s industrial revolution, fostering competitiveness and sustainable prosperity.
The bank also launched the AfCFTA Adjustment Fund to help countries navigate tariff transitions, with a $1 billion commitment. This includes a $100 million Credit Fund for commercial projects and a $10 million Base Fund to support policy reforms, ensuring no nation is left behind in the single-market rollout. Afreximbank’s efforts also extend to trade standards and quality assurance, such as the Africa Quality Policy and Nigeria Quality Policy, which help local producers meet domestic and export requirements.
Zanamwe concluded by urging collective action from governments, regulators, and private-sector players, describing the AfCFTA as a once-in-a-generation opportunity for Africa. “The future of African trade is continental, integrated, and industrialised—and the time to act is now,” he said, underscoring Afreximbank’s unwavering commitment to leveraging finance and policy to build regional prosperity.
source: Punch