Abuja: Rep. Benjamin Kalu, Deputy Speaker of Nigeria’s House of Representatives and an ECOWAS Parliamentarian, emphasized the critical role of the African Continental Free Trade Area (AfCFTA) in driving Africa’s economic development. He made these remarks during his contribution at the ECOWAS Parliament’s First 2026 Extraordinary Session and Seminar in Abuja.
According to News Agency of Nigeria, the seminar, themed ‘Deepening Regional Integration through the AfCFTA: Opportunities and Challenges for Expanding Intra-Community Trade,’ witnessed Kalu advocating for increased intra-African and intra-West African trade. He highlighted the need for Africa to trade within its borders to thrive under the AfCFTA framework. Kalu pointed out that while intra-African trade has increased by 16 percent, amounting to 220.3 billion dollars, intra-ECOWAS trade is still just 11.5 percent of the region’s total trade.
Kalu expressed concern over the disparity between the ECOWAS sub-region’s potential and its current trade figures, despite being the second largest contributor to intra-African trade, with a 3.4 trillion dollar market potential. He described the AfCFTA as not just a trade agreement but as a strategic engine crucial for Africa’s industrial resilience and survival in today’s geopolitical climate.
In his address, Kalu called for a shift from high-level aspirations to tangible impacts, urging a move from ‘paper integration’ to ‘functional integration.’ He highlighted the need for enhanced regional infrastructural development and implementation, using the Abidjan-Lagos Corridor as an example of an unfinished promise that affects the ECOWAS economy.
Kalu emphasized that while physical infrastructure and administrative inefficiencies present significant challenges, functional integration remains key to expanding ECOWAS trade and implementing AfCFTA. He advocated for the adoption of the Pan-African Payment and Settlement System (PAPSS) as a pragmatic solution to current regional trade payment challenges, suggesting a shift from the stalled Eco currency project.
He noted that adopting PAPSS could offer benefits akin to a single currency, such as instant settlement in local currencies, without compromising national sovereignty. Kalu also highlighted the potential economic benefit of reducing Africa’s five billion dollar annual transaction fees by eliminating dollar-dependency through digital solutions.
Kalu concluded by urging a focus on practical solutions like the Guided Trade Initiative (GTI) to make AfCFTA a reality for businesses across the continent, rather than debating theoretical projects like a single currency. He stressed the importance of connecting central banks to effective systems that work to boost regional trade efficiency.