African countries pledge to boost intra-continental trade under AfCFTA to 50% by 2030

African countries participating in the Africa Economic Summit 2024 held last week in Abuja pledged to boost intra-continental trade from 14% to at least 50% by 2030 under the African Continental Free Trade Area (AfCFTA).

The summit closed with a release of a white paper on coordinated actions that governments and institutions should commit to and implement to boost Africa’s economy and address various challenges, including strengthening the competitiveness of African companies and tackling security challenges hindering economic growth.

Stakeholders at the summit also called for a swift implementation of the AfCFTA that would ignite economic growth across the continent, and dismantlement of all obstacles hindering the full adoption of the agreement.

The summit’s president, Sam Ohuabunwa, told journalists that the venue was an opportunity for Africa to leverage strength and become truly competitive. “We call on all African leaders to preach the concept of One Africa! One Family! One Economy,” he said.

Ohuabunwa also decried that Africa currently has the world’s lowest intercontinental trade and called on African governments to increase infrastructural development, provide an attractive investment climate, and promote private-public sector collaboration to facilitate productivity, wealth creation and poverty minimization.

Other recommendations made by the meeting include the adoption of systems that de-risk agriculture and investing in and strengthening digital transformation to drive economic development. The Africa Economic Summit 2024 sought to bring together key stakeholders to put forward new perspectives and stimulate strategic discussions around Africa’s economic challenges and policy priorities.