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.
The News Agency of Nigeria reports that Africa’s total global trade annually is one trillion dollars, while intra African trade accounts for only 15 per cent of the amount.
Afreximbank’s Executive Vice President, 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.
He said: “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.’’
Also speaking at the event, Afreximbank’s Director and Global Head Trade Finance, Gwen Mwaba, urged collaboration of trade Finance institutions to enable the bank achieve it’ mandate of promoting trade.
Mwaba said: “Sustainable Growth in intra/extra African Trade and Export Development can be better achieved by viable partnerships between African trade focused institutions.’’