Afreximbank targets $40bn to deepen African trade

Afreximbank has reaffirmed its commitment to scaling up intra-African trade, industrialisation, and value-chain development under the African Continental Free Trade Area, pledging stronger trade-financing instruments and deeper policy support to ensure that no African country is left behind in the rollout of the single continental market.

The assurances were given in Abuja on Monday by the Director of Trade Facilitation and Investment Promotion, Intra-African Trade and Export Development at Afreximbank, Dr Gainmore Zanamwe, during his address at the AfCFTA Public Sector, Private Sector, and Press Summit.

Zanamwe, in his address made available to our correspondent, said Afreximbank has deliberately designed a suite of innovative financing tools to unlock new levels of trade and investment flows across the continent.

“Afreximbank designed a range of financing and trade facilitation instruments to support intra-African trade and the AfCFTA,” he said. “We disbursed $20n between 2017 and 2021 in support of intra-African trade and investment, and we are on course to double this to $40bn by 2026.”

He highlighted two flagship interventions—the Global Facility for Intra-African Trade Champions and the Engineer, Procure and Contract Initiative—which he described as catalytic vehicles for building homegrown industrial champions and expanding Africa’s productive capacity.

Under INTRA-CHAMPS, Afreximbank provides financing, risk guarantees, advisory services, twinning, and ecosystem-building support to companies with the capacity to scale across borders. Zanamwe said the programme is already transforming Africa’s industrial landscape. “Today, INTRA-CHAMPS has helped catalyse the pan-African expansion of several major industrial players,” he noted.

He cited the Egyptian-born multinational ElSewedy Electric, which leveraged Afreximbank’s support to spread operations across more than 15 African countries, delivering power and infrastructure projects essential to continental trade. He also referenced the Dangote Group, one of Afreximbank’s longest-standing beneficiaries, which he described as “Africa’s most iconic industrial conglomerate,” with cement, fertiliser, and refinery operations now anchoring value chains across the continent.

According to him, these success stories show that African companies, when equipped with the right tools, can lead Africa’s industrial revolution. “We are not just financing trade,” Zanamwe said. “We are laying the foundation for industrialisation, competitiveness and sustainable prosperity.”

He emphasised that Afreximbank’s strong presence at the P3 Summit is an expression of its unwavering commitment to ensuring that the AfCFTA becomes fully operational.

“Our presence at this gathering—the P3 Summit—is a clear testament that Afreximbank is fully committed to making the single market under the AfCFTA a reality,” he declared. “We are committed to taking the AfCFTA from a mere legal instrument and using it to catalyse industrialisation and the development of regional value chains.”