Secretary Normal of the African Continental Free Commerce Space (AfCFTA) Secretariat, Wamkele Mene, has referred to as for a big discount in Africa’s reliance on the US greenback in intra-continental commerce, arguing that the present dependence is each inefficient and unsustainable.
Talking on the 2025 Afreximbank Annual Conferences (AAM2025) in Abuja on Wednesday, Mene emphasised the pressing want for African nations to undertake native currencies in cross-border transactions.
“Africa should cut back its reliance on the greenback; we should use our personal currencies. We should make sure the financial sovereignty of our continent and guard ourselves towards ever-shifting international geopolitical tensions that have an effect on cost programs,” he said.
He reiterated that financial sovereignty is central to the long-term success of the AfCFTA, particularly in gentle of worldwide uncertainties that continuously influence overseas change markets and worldwide cost infrastructures.
Afreximbank’s Position and the Pan-African Fee Platform
Mene confused the indispensable function of the African Export-Import Bank (Afreximbank) in facilitating the monetary and institutional frameworks wanted to drive AfCFTA’s core targets.
“With out the assist of Afreximbank, the AfCFTA is not going to succeed. It requires commerce finance instruments, assist for industrial growth, inexperienced commerce, and inexperienced industrialisation,” he stated.
Afreximbank, in partnership with AfCFTA, has developed the Pan-African Fee and Settlement System (PAPSS), a central infrastructure enabling seamless intra-African funds in native currencies.
PAPSS is designed to scale back transaction prices and forex conversion losses, and to strengthen the independence of African economies from unstable international financial developments.
Nigeria Launches AfCFTA Commerce Air Hall to Lower Export Prices
To additional encourage seamless commerce inside the continent, Nigeria launched an AfCFTA Air Hall final month, a strategic initiative aimed toward increasing market entry and enhancing value effectivity for Nigerian exporters. The hall hyperlinks Nigeria to key African markets comparable to Kenya, Uganda, and South Africa, with operations operating by Uganda Airways.
In line with the Minister of Trade, Commerce and Funding, Dr. Jumoke Oduwole, the brand new hall considerably reduces logistics prices for Nigerian exporters by between 50% and 75%, opening up higher entry to the African market.
The hall is anticipated to facilitate the export of products, together with textiles, cosmetics, and agricultural merchandise, thereby strengthening Nigeria’s participation in AfCFTA commerce flows and enhancing competitiveness throughout the continent.
What You Ought to Know
The African Continental Free Commerce Space (AfCFTA) is a landmark settlement making a single marketplace for items and providers throughout Africa, selling intra-African commerce and financial integration.
- In April 2025, Nigeria gazetted and transmitted its ECOWAS Tariff Schedule for Commerce in Items to the AfCFTA Secretariat, enabling zero duties on 90% of products traded below the settlement.
- This positions Nigerian exporters for improved market entry and higher competitiveness throughout African markets.
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