Afreximbank Urges Faster AfCFTA Rollout to Unlock Africa’s Trade Potential
The African Export-Import Bank (Afreximbank) has called for accelerated implementation of the African Continental Free Trade Area (AfCFTA), highlighting the critical role of the AfCFTA Adjustment Fund in supporting African economies.
The call was made during a stakeholder engagement held in Lagos on 10 March, where the AfCFTA Adjustment Fund Corporation introduced the financing mechanism to Nigerian institutional investors as a key instrument for driving the continent’s single market agenda.
Participants at the meeting emphasised that while trade liberalisation under AfCFTA is expected to deliver significant long-term economic gains, countries and businesses may face short-term challenges such as tariff revenue losses, increased competition and supply chain disruptions.
The event was chaired by Nigeria’s Minister of Industry, Trade and Investment, Jumoke Oduwole, and brought together key stakeholders from across the country’s financial and investment sectors, including pension fund executives and policy leaders.
Among notable attendees were Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank; Jean Louis Ekra, Chairman of the AfCFTA Adjustment Fund Corporation Board; and Emmanuel Assiak, Acting Chief Executive Officer of the Fund for Export Development in Africa (FEDA).
The AfCFTA Adjustment Fund was established following a mandate from the African Union to Afreximbank and the AfCFTA Secretariat to support countries in managing the transition to a liberalised trade environment.
The fund is designed to help bridge adjustment gaps by supporting fiscal stability, enabling industries to modernise, and strengthening the competitiveness of African businesses as the continent moves towards a fully operational single market.
Afreximbank, which manages the fund through its subsidiary FEDA, has committed US$1 billion to finance private sector activities across Africa, alongside an additional US$10 million in grant funding to assist member states in preparing for AfCFTA implementation.
The initiative forms part of broader continental efforts to position the Adjustment Fund as a strategic investment opportunity for African institutional investors, while supporting sustainable economic transformation and increased intra-African trade.
Headquartered in Cairo, Afreximbank continues to play a central role in financing trade and industrialisation across Africa, with total assets exceeding US$40 billion as of December 2024.
