AfCFTA: How Afreximbank is ‘rising to the moment’ to bolster intra-Africa trade  

By Xolisa Phillip, in Johannesburg

Premium badge Reserved for subscribers

Posted on December 9, 2021 13:04

Benedict Okey Oramah
Benedict Okey Oramah, president and chairman of the board of directors at the African Export-Import Bank (Afreximbank), Grigorov/TASS/Sipa USA Host Photo Agency

The second edition of the Intra-African Trade Fair (IATF) 2021 in Durban – organised by Afreximbank, the African Union (AU), and African Continental Free Trade Area (AfCFTA) Secretariat – ended by exceeding its $40bn target, with Egypt, Nigeria and South Africa having concluded the most number of deals.

When it comes to trade fairs, “if we don’t have money, we can’t do much. It costs about $20m to do [a trade fair]”, says Benedict Oramah, the president and chairperson of Afreximbank. For that estimated $20m price tag, the recent IATF generated $42.1bn in trade and investment deals.

In terms of deal numbers, South Africa, Egypt, and Nigeria are the leading countries. South Africa concluded a total of 94 deals at the event. As for values, Nigeria and Egypt are in the lead, followed by South Africa, with the latter garnering a rounded $3bn. Overall, more than 500 business deals contributed to the $42.1bn.

More than 30 sectors were represented at the fair. The top 10 sectors in dealmaking were construction and infrastructure, financial services, energy, agriculture, logistics, mining, youth start-up, ICT, manufacturing, and health, as well as pharmaceuticals, according to Kanayo Awani, the

There's more to this story

Get unlimited access to our exclusive journalism and features today. Our award-winning team of correspondents and editors report from over 54 African countries, from Cape Town to Cairo, from Abidjan to Abuja to Addis Ababa. Africa. Unlocked.

Subscribe Now

cancel anytime