Business & Finance

“Africa accounts for only 15% of continent’s $1trn global trade”- Afreximbank

The African Export-Import Bank (Afrexim Bank), says Africa accounts for only 15 per cent of the continent’s one trillion dollars of total trade in the world annually.

Afreximbank’s Executive Vice President, Mr. Amr Kamel, said this on the sideline of the bank’s 18th Annual Structured Trade and Finance seminar and workshop in Casablanca, Morocco on Thursday.

Kamel said that the 150 billion dollars annual intra-African trade could be reviewed upwards with the right policies.

According to him, the major challenge of intra-African trade is information on intra-African markets and not poor infrastructure to support such trades within the continent.

Although, Africa has infrastructure challenges militating against trade, but the present infrastructure can raise the value of intra-African trade once the relevant information is available. I am confident that more countries will come on board and sign the African Continental Free Trade Agreement. The train has left the station. It is either you join or be left behind,” he said.

Africa’s total global trade annually is one trillion dollars, while intra African trade accounts for only 15 per cent of the amount.

Source: Voice of Nigeria