In a bold move to supercharge intra-African trade, Afreximbank plans to launch a new shipping route linking Nigeria’s Dangote Refinery to Namibia’s Walvis Bay. The initiative is part of broader efforts to enhance Africa’s connectivity and utilize the opportunities provided by the African Continental Free Trade Area (AfCFTA). With intra-African trade still under 20%, Afreximbank has rolled out targeted measures aimed at invigorating continental commerce. The bank established the Africa Trade and Distribution Company to aggregate goods from SMEs and farmers for better market access, with the planned trade route arising from the company’s operations. Afreximbank, which once dedicated less than 3% of its finance portfolio to regional trade, now allocates over 30% to the same. It aims to finance $40 billion in intra-African trade by 2026. The bank’s stated mission is to curb Africa’s export of jobs and income and encourage more intra-continental trade.
IOL