Afreximbank boosts AfCFTA with expanded financing, stronger policy backing, and new tools to drive intra-African trade and industrial growth.

Abuja, 27 January 2025—Director of Trade Facilitation and Investment Promotion at Afreximbank, Dr Gainmore Zanamwe, on Monday reaffirmed the bank’s commitment to scaling up intra-African trade, industrialisation and value-chain development under the African Continental Free Trade Area, pledging to strengthen financing instruments to ensure that no country is left behind as the agreement gains momentum.

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The assurances were delivered in Abuja during his address at the AfCFTA Public Sector, Private Sector and Press Summit, where he described how Afreximbank boosts AfCFTA implementation through targeted interventions and rising capital commitments.

Zanamwe said the bank had deliberately expanded its suite of trade-financing and facilitation tools to unlock greater investment flows across the continent.

He noted that Afreximbank disbursed 20 billion dollars between 2017 and 2021 in support of intra-African trade and is on track to double this to 40 billion dollars by 2026.

He outlined two flagship programmes—the Global Facility for Intra-African Trade Champions and the Engineer, Procure and Contract Initiative—which he described as catalytic platforms for nurturing homegrown industrial leaders and expanding Africa’s productive capacity.

He highlighted how companies such as ElSewedy Electric and the Dangote Group had used Afreximbank’s financing, guarantees and advisory support to scale operations across borders, reshaping value chains and proving that African firms can lead the continent’s industrial transformation.

Zanamwe said the bank’s presence at the P3 Summit was a testament to its unwavering commitment to transforming the AfCFTA from a legal instrument into a functioning single market.

He stressed that Afreximbank would continue deploying trade-finance tools to accelerate the agreement’s implementation.

He admitted that shifting to a liberalised trade regime poses short-term challenges, particularly for countries adjusting to new tariff structures.

To address this, Afreximbank and the AfCFTA Secretariat jointly established the AfCFTA Adjustment Fund, backed by one billion dollars.

Of this, 100 million dollars has been allocated to the Credit Fund for commercial projects, with 10 million dollars channelled into the Base Fund to support policy reforms and cushion temporary revenue losses.

On trade standards and competitiveness, Zanamwe said the bank supported the development of the Africa Quality Policy and contributed to the review of the Nigeria Quality Policy.

However, he stressed that Nigeria must strengthen its legislative framework by passing the National Quality and Food Safety Bill to ensure producers gain access to safer inputs, meet market requirements and secure stronger positions in regional value chains.

Throughout his address, Zanamwe described the AfCFTA as a once-in-a-generation opportunity for Africa to industrialise and build sustainable prosperity.

He urged policymakers and private-sector leaders to sustain momentum, calling for bold reforms and strategic investments to unlock the agreement’s full potential.

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He concluded with an optimistic projection, stating that the future of African trade will be continental, integrated and industrialised, adding that the time for decisive action is now.