Africa's outgoing Afreximbank leader advocates for self-reliant economic growth within the continent

Intra-African Trade Fair Opens in Algiers, Aiming for Economic Independence

The Intra-African Trade Fair (IATF) 2025 has opened its doors in Algiers, marking another significant step towards economic integration and self-sufficiency in Africa. Co-convened by Afreximbank, the African Union, and the AfCFTA Secretariat, the fair has drawn over 30,000 participants and 2,000 exhibitors.

Benedict Oramah, the outgoing President of Afreximbank, called for Africa to achieve full economic independence in his opening speech. He emphasized the need for a disruptive move to transform Africa from the "wretched of the earth" to owners and controllers of capital.

Oramah's speech struck a chord with many attendees amid growing pressure on African economies. He highlighted the landmark $2.9 billion Julius Nyerere Hydropower Project in Tanzania, designed, financed, and built entirely by African firms and institutions, as an example of what can be achieved with homegrown capital and ambition.

AfCFTA Secretary-General Wamkele Mene attributed the growth in intra-African trade to the institutional foundations laid by the AfCFTA, including the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA Adjustment Fund. He reported a 12.4% increase in intra-African trade in 2024, reaching $220.3 billion.

The IATF has already generated billions in deals since its launch in 2018, with more expected this week. The fair is expected to generate even more trade and investment deals this week, further boosting Africa's economic growth.

Ambassador Selma Malika Haddadi, the African Union Commission Deputy Chairperson, emphasized the urgency of economic integration. She highlighted the need to accelerate the implementation of the Single African Air Transport Market, as emphasized by Mene.

Oramah received a tribute from former Nigerian President Olusegun Obasanjo, who praised his leadership and vision. In recognition of the IATF's success, it has been decided to institutionalize the fair as an independent treaty-based entity called the Intra-African Trade Fair Company (IATFCO), headquartered in Harare, Zimbabwe. The $28 million seed funding for the IATF's independence comes from Afreximbank.

The IATF 2025 positions itself as a cornerstone of a "peaceful revolution" aimed at ending Africa's reliance on external financing and commodity exports. Oramah positioned the trade fair as a means to achieve economic self-sufficiency, stating, "We didn't lack talent; we lacked capital and audacity. That is changing."

As Africa contributes only 2.9% to global trade, the growth in intra-African trade, though still only 15%, is a promising sign. The growth in intra-African trade, increasingly dominated by manufactured goods, indicates a shift towards a more diverse and self-sufficient African economy.

The IATF 2025 is more than just a trade fair; it is a symbol of Africa's determination to take control of its own economic destiny. With the institutionalization of the IATF as the IATFCO, Africa is poised to continue driving its own growth and development.

Africa's outgoing Afreximbank leader advocates for self-reliant economic growth within the continent