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Tag: AfCFTA

  • AfCFTA launches 2025 digital trade innovation challenge

    AfCFTA launches 2025 digital trade innovation challenge

    The African Continental Free Trade Area (AfCFTA) Secretariat has launched the 2025 Digital Innovation Challenge in Trade, an initiative designed to empower young African innovators to develop cutting-edge digital solutions that address cross-border trade barriers for Micro, Small, and Medium Enterprises (MSMEs). This challenge was announced on Wednesday.

    Empowering young innovators

    The challenge is open to African innovators and entrepreneurs aged 18 – 35, including individuals, teams, startups, and enterprises working on digital solutions that tackle cross-border trade challenges for MSMEs. These solutions can be in the ideation and prototype or operational and scaling phases. As noted by the AfCFTA Secretariat, the goal is to find “bold, scalable, and innovative digital solutions” that can enhance intra-African trade and unlock new economic opportunities across the continent.

    Applicants are encouraged to propose digital innovations in areas such as:

    Market Intelligence & E-Commerce Platforms: B2B/B2C platforms, trade data analytics, and market intelligence tools.

    E-Commerce & Logistics: Solutions for warehousing, supply chain management, and last-mile delivery.

    Cross-Border Professional Services: Digital platforms for virtual consulting, legal, accounting, and business advisory services.

    Digital Financial Services: Innovations in digital payments, trade finance, and mobile banking.

    Trade & Investment Facilitation: Digital tools to streamline trade procedures and regulatory compliance.

    Entrepreneurial Skills Development: Digital platforms for training, mentorship, and capacity-building for MSMEs.

    Benefits and opportunities

    Participating in the challenge offers numerous benefits, including access to funding and mentorship from AfCFTA partners and investors, networking opportunities with African and global trade experts, and potential pilot programs within the AfCFTA framework. Winners will receive recognition, funding, mentorship, and access to finance opportunities. The challenge is more than just a competition—it’s an opportunity for Africa’s brightest minds to play a key role in shaping the future of digital trade on the continent.

    Applications for the challenge opened on March 26, 2025, and the deadline for submission is April 18, 2025.

    The selection process will involve assessing the innovation’s uniqueness, potential for expansion into multiple African markets, and impact on addressing cross-border trade barriers for MSMEs. The top five winners will be announced and will have the opportunity to pitch at BIASHARA AFRIKA 2025.

  • Compass Global’s initiative bridges Africa’s trade gaps, focuses on youth and women entrepreneurs

    Compass Global’s initiative bridges Africa’s trade gaps, focuses on youth and women entrepreneurs

    Compass Global, led by CEO Tokunbo Chiedu, has announced a significant initiative aimed at empowering small and medium enterprises (SMEs) to leverage the African Continental Free Trade Area (AfCFTA). 

    This announcement was made on December 31, 2024, during the conclusion of their West Africa Meets East Africa Trade Mission.

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    Empowering SMEs through AfCFTA

    The program focuses on enhancing intra-African trade, particularly for women and youth entrepreneurs. 

    Chiedu highlighted, “Our primary goal is to empower SMEs to take advantage of AfCFTA and the $22 billion intra-African trade potential”.

    The initiative has already organised events in Ghana, Nigeria, Kenya, and Tanzania, benefiting over 1,000 SMEs since its inception in 2022.

    Participants received training in negotiation strategies and deal-making within the AfCFTA framework. The mission also included market visits and business-to-business meetings aimed at fostering essential connections for market access.

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    Expanding across Africa: Compass Global’s 2025 vision

    Key partners like Afreximbank and various women’s business networks support Compass Global’s efforts. Chiedu acknowledged Afreximbank’s role in sponsoring these initiatives, stating that their support is crucial for exposing participants to regional value chain opportunities.

    Compass Global plans to expand into Central, North, and South Africa in 2025 to support SMEs and foster an inclusive economic environment for women and youth entrepreneurs.

  • Can AfCFTA unlock Africa’s innovation potential and propel economic growth?

    Can AfCFTA unlock Africa’s innovation potential and propel economic growth?

    Africa stands at the precipice of a transformative trade initiative with the African Continental Free Trade Area (AfCFTA). The treaty is heralding a new era of economic integration, promising to significantly reshape the continent’s trade dynamics. This landmark treaty aims to eliminate tariffs on 97% of goods, fostering an environment where intra-African trade can flourish. 

    However, its success hinges on the commitment of member states and stakeholders to harness innovation and technology to overcome existing barriers and drive sustainable development across the continent.

    Read also: African Union ECOSOCC, EESC present joint declaration at UN Summit of the Future

    The Promise of AfCFTA’s  Intra-African Trade

    The AfCFTA, officially launched in January 2021, is a monumental initiative to bolster economic collaboration among African nations. The agreement is poised to enhance Africa’s trade capabilities and amplify its global economic presence by creating a single market for goods and services.

    According to Joseph Lamptey, PayAngel’s Director of Growth and an advocate for African innovation, “The AfCFTA is not just about trade; it’s about empowering our local industries to compete on a global scale. The future of Africa lies in leveraging our resources and talents to create value that resonates beyond our borders.”

    Many analysts believe that increased intra-African trade will stimulate economic growth and promote innovation by encouraging local industries to diversify and develop new products tailored to the African market. This, in turn, can lead to job creation, improved living standards, and a significant reduction in poverty levels across the continent.

    The Role of Technology in AfCTA Implementation

    Technology will play a pivotal role in the successful implementation of the AfCFTA. E-commerce platforms, digital payment systems, and logistics technology are essential for streamlining trade processes and enhancing supply chain efficiency. Integrating these technologies can facilitate smoother cross-border transactions, reducing the time and cost of moving goods across borders.

    In an interview with Techpression, Joseph Lamptey emphasised the importance of digital infrastructure: “For the AfCFTA to be truly effective, we need robust digital ecosystems that can support the movement of goods and services. Investing in technology will empower our small and medium enterprises (SMEs) to tap into new markets and compete effectively.”

    Countries like Kenya and Nigeria are already taking charge by investing in technology hubs that foster innovation and support startups. These initiatives can create a ripple effect, encouraging collaboration and knowledge sharing among African nations.

    Challenges Ahead: Addressing Concerns and Building Trust

    Despite its potential, the AfCTA faces several challenges that could impede its effectiveness. Concerns about trade imbalances, regulatory disparities, and the need for policy harmonisation among member states have been raised. Workers’ rights organisations have also voiced concerns about the implications of the AfCFTA on labour standards and job security. A trade union report states, “Workers are anxious about how the AfCFTA will impact their livelihoods and working conditions. We must address these issues to build trust in the agreement.”

    Lamptey stressed the importance of including diverse voices in the discussion: “For the AfCFTA to be successful, we must ensure that the concerns of workers and local businesses are prioritised. A collaborative approach that involves all stakeholders will lead to a more equitable and sustainable trade environment.”

    In addressing these challenges, member states must create an inclusive framework fostering dialogue and cooperation among governments, businesses, and civil society. This collaborative approach will help identify solutions to potential hurdles, ensuring that the AfCTA remains a force for positive change.

    Read also: UN adopts landmark ‘Pact for the Future’ to revamp global governance

    Looking Ahead: The Future of African Trade

    The AfCTA has the potential to redefine Africa’s economic landscape, positioning the continent as a global player in trade and innovation. However, realising this vision requires a concerted effort from all stakeholders, including governments, businesses, and civil society. As the continent moves forward, it is crucial to prioritise investment in technology, infrastructure, and human capital to support the ambitious goals of the AfCFTA.

    Lamptey highlighted a hopeful vision for Africa’s future enjoining citizens to “Imagine a continent where businesses can seamlessly trade with one another, where innovation thrives, and where our collective resources are harnessed for all benefit. The AfCFTA can make this a reality if we work together.”

    As African nations embark on this journey towards greater economic integration, the AfCFTA offers hope for a prosperous and sustainable future driven by innovation and technology.

  • Nigeria Unveils Plan to Drive Africa’s Digital Trade

    Nigeria Unveils Plan to Drive Africa’s Digital Trade

    The Federal Government of Nigeria has used the African Continental Free Trade Agreement (AfCFTA) framework to lead Africa’s Digital Trade revolution. This was revealed on Friday, July 19, 2024, by the Office of Vice-President Kashim Shettima during his keynote speech at the Stakeholders Summit, which took place at the Presidential Villa in Abuja.

    The Vice President shed light on critical elements of the roadmap, emphasising the significance of implementing the African Continental Free Trade Area’s (AfCFTA) Digital Trade Protocol.

    This protocol aims to harness the power of digital technologies to facilitate trade, enhance efficiency, and promote economic growth across the continent. By streamlining digital trade processes, African countries can unlock new business opportunities, foster innovation, and increase global competitiveness.

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    The Vice President also highlighted the importance of establishing extensive technical talent hubs, which is critical in driving the continent’s digital transformation.

    These hubs will serve as centres of excellence, nurturing skilled professionals and providing the necessary expertise to support the implementation of the AfCFTA’s Digital Trade Protocol.

    By leveraging trade as a driver for economic growth and continental unity, the roadmap aligns with the overarching objectives of AfCFTA, paving the way for a more integrated, prosperous, and unified Africa.

    Nigeria Set to Lead Africa’s Digital Trade Technological Transformation

    Vice-President Shettima noted that Nigeria is positioned to lead the continent’s technological transformation.

    He explained that they are in a vantage position because they are the continent’s largest ICT hub, and as such, they must lead the way to the future of this peculiar wave of the industrial revolution.

    Shettima also stressed the need for the country’s policy initiatives to meet up with those of developed economies, even as they’re enhanced to accelerate Nigeria’s growth and sustain it as the continent’s leading tech hub.

    To achieve this, he continued that the plan will also focus on enhancing digital infrastructure investments and promoting disruptive innovation and entrepreneurship.

    Furthermore, he emphasised the need for strategic collaborations between the public and commercial sectors to execute the AfCFTA’s Digital Trade Protocol successfully.

    Meanwhile, the government assured us its commitment to investment in digital infrastructure and human capital development to drive innovation.

    Admitting that the digital sector is the foundation upon which all other industries rely to survive, Shettima noted that the country can’t afford to slow down digital technologies.

    Read also: Nigeria Computer Society to hold conference on tech solutions

    Strategic Initiative and Investment to Boost Nigeria’s Digital Economy

    Their programmes, from the Investment in Digital and Creative Enterprises (iDICE) to the ongoing intervention to train three million technical talents (3MTT) by the Ministry of Communications, Innovation and Digital Economy to the Outsource to Nigeria Initiative (OTNI), are lifeliness in their digital economy.

    The Tinubu-led administration has been investing heavily in every facet of the digital trade protocol to generate opportunities in the nation and throughout Africa, according to Dr Bosun Tijjani, the Minister of Communications, Innovation, and Digital Economy.

    In a drive to increase intra-African trade and economic diversification, President Bola Tinubu launched the Guided Trade Initiative last week under the AfCFTA, which was a significant step forward for the nation. It is anticipated that the project will open up an estimated $50 billion in new commercial potential for companies in Nigeria.

  • Highlights from the Science of Trade (SOT) conference organised by Ascends Studios Foundation

    Highlights from the Science of Trade (SOT) conference organised by Ascends Studios Foundation

    The Science Of Trade (SOT) Conference 2024, which ended recently, gave SMEs a platform to connect with trade possibilities and give them the tools and resources they need to take advantage of them.

    Through this programme, participants successfully negotiated domestic and international trade challenges, opening doors for development and success. The African Growth and Opportunity Act (AGOA), the African Continental Free Trade Area (AfCFTA), and trade within Nigeria were all covered in detail during the conference.

    The Science of Trade Conference 2024 got underway with great enthusiasm, displaying noteworthy highlights from the conference’s opening day. Excitement was high, with attendees ready to see how trade changes companies and how essential teamwork is.

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    Participants could join the future of business momentum through interactive workshops, thought-provoking talks, and networking opportunities. A vast amount of information was explored.

    We studied a wide range of topics, including how commerce transforms businesses and the value of teamwork. Techpression is here to feed you with the highlights of the event. 

    DAY 1 of the SOT conference

    Michael Ervin, Chief of the Political and Economic Section at the U.S. Consulate General in Lagos, gave the opening remarks on the first day. He remarked on increasing trade accessibility for enterprises, promoting knowledge of market dynamics, and deepening bilateral ties between the United States and Nigeria. 

    The National Action Committee on AFCFTA’s Executive Secretary, Barrister Olusegun Awolowo, delivers the keynote speech on “The Power of Intra-African Trade for Continental Growth.”

    Speaking on behalf of Ms Ruth Abisola Olusanya, the Honourable Commissioner of Agriculture, Mr Dapo Olakulehin, discussed public-private partnerships in agribusiness and how they might unlock cross-border potential. 

    A diverse group of attendees participated in in-depth conversations and gained insightful knowledge and ideas to improve their trade initiatives on the African continent.

    Barrister Kola Awe, CEO of XPT Global Limited, provided insightful commentary, which was moderated by Dr Olori Boye Ajayi, President of Borderless Trade and Investment, where he spoke on unravelling Internal Trade Dynamics and unlocking Potential Within Nigeria’s Borders. He emphasised exploring trade logistics, overcoming obstacles, conducting market research, and using government programmes to promote international trade.

    Participants from various disciplines actively participated in in-depth conversations to gain insightful knowledge and tactics to advance their commercial endeavours on the African continent.

    The Science of Trade 2024 conference’s first day was jam-packed with information on developing an intra-African trade plan. The Olusegun Olutayo-led workshop was inspiring, covering everything from negotiating regulations to finding new markets and building relationships. 

    The host, Sola Adesakin, of Smart Stewards Financial Advisory, walked the attendees through the day and provided a thorough rundown of the critical points and revelations from the day’s discussion. Her “make-manage-multiply” money methods have empowered clients in more than 40 countries.

    Day 2 of the SOT conference

    The second day consists of an array of amazing panellists. Everybody contributes their distinct viewpoint and proficiency to the discussion. The panellists, who included professionals from both the public and commercial sectors, provided valuable insights into the intricate workings of the trade and export sector.

    Dr Emmanuel Tarfa, including Feyisayo A., Chief Alhaja Adia Mohammodu Apena, and Honourable Commissioner Akinwunmi Ajigbotafe, led a panel discussion on empowering Lagos businesses for trade. 

    The discussion centred on the prospects and joint efforts to link Lagos brands, as well as the function of the “Empower Lagos” project in preparing companies for trade triumphs, made for a highly informative session. 

    Ms Margaret Olele, CEO of the American Business Council, gave the keynote address on how to influence investment and commerce between the US and Nigeria in the future to promote prosperity and growth for both countries’ economies, while US Consul General Will Stevens discussed how the African Growth Opportunity Act (AGOA) may improve market access and spur economic progress.

    Will Stevens talked about how he thinks trade increases investment in the US and Nigeria and provides the duty-free AGOA benefit. He hopes to see an increase in exports to boost US and Nigerian revenue.

    “Yours Truly” Ventures founder, Ms Oluyemisi Ogundipe, gave an insightful seminar on Understanding International Trade exploring important tactics and commercial possibilities worldwide.

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    DAY 3 of the SOT conference

    Julie LeBlanc, the U.S. commercial counsellor to Nigeria, talked about the strategies and tactics the U.S. trade department uses to encourage more trade between the two countries aggressively.

    She highlights the importance of strategic partnerships. Her strategy emphasises presenting Nigeria’s products to the US, advancing Nigerian businesses, and arranging alliances with suitable US counterparts to promote reciprocal development.

    The convener of the Science of Trade Conference and Founder of Ascend Studios Foundation, Dr Inya Lawal, highlighted the goal of the gathering—to streamline trade by bringing together specialists from many fields.

    She sincerely thanked all the sponsors, partners, and guests who helped make the SOT Conference a huge success. She eagerly anticipates further partnerships and cooperation. 

    “We would also like to thank all of the panellists and presenters for their insightful contributions, which were shared during the Science of Trade Conference 2024’s numerous sessions,” she remarked. 

  • TCCIA urges manufacturers to leverage AfCFTA for wealth creation

    TCCIA urges manufacturers to leverage AfCFTA for wealth creation

    The Tanzania Chamber of Commerce, Industry, and Agriculture (TCCIA) is calling upon manufacturers in the country to harness the opportunities presented by the African Continental Free Trade Area (AfCFTA) to foster wealth creation, boost economic prosperity, and strengthen Tanzania’s position in the African market.

    AfCFTA: A Gateway to Economic Growth

    The AfCFTA, which came into effect in January 2021, represents a historic agreement among African nations to establish a single continental market for goods and services, promote intra-African trade, and drive economic integration. The agreement holds immense potential for African economies to thrive through increased trade and collaboration.

    TCCIA, a leading advocate for the business community in Tanzania, is urging manufacturers to seize the opportunities created by the AfCFTA. The organization believes that the removal of trade barriers and the facilitation of intra-African trade will provide a conducive environment for manufacturers to expand their reach and create wealth.

    Read also: Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    Unlocking the Potential of Tanzania’s Manufacturing Sector

    Tanzania’s manufacturing sector is poised for growth, with significant untapped potential. TCCIA highlights that leveraging the AfCFTA can be a catalyst for Tanzania’s manufacturers to unlock this potential and thrive in a broader market.

    One of the key benefits of the AfCFTA is that it encourages businesses to enhance their competitiveness. Manufacturers must strive to produce high-quality goods and services that meet international standards to effectively compete in the larger African market.

    TCCIA also underscores the importance of investing in infrastructure to facilitate the movement of goods within the African continent. Improving transportation, logistics, and supply chain networks will enable manufacturers to access new markets efficiently.

    Tanzania’s Competitive Advantage

    Tanzania boasts a strategic location on the African continent, with access to various landlocked countries. This geographic advantage positions the nation as a key player in facilitating trade among neighboring countries, further enhancing Tanzania’s role in the AfCFTA.

    AfCFTA

    The AfCFTA aims to create a single African market by removing trade barriers, such as tariffs and import quotas, and facilitating the free movement of goods and services. This ambitious agreement has the potential to increase intra-African trade, foster industrialization, and promote economic diversification.

    While the AfCFTA presents numerous opportunities, it also comes with its share of challenges. Manufacturers must navigate regulatory complexities, adhere to international standards, and compete with a broader range of businesses. However, these challenges are outweighed by the potential for growth and prosperity.

    TCCIA’s call to manufacturers aligns with the broader goal of the AfCFTA: to promote inclusive economic growth that benefits all Africans. By creating opportunities for manufacturers to thrive, the AfCFTA has the potential to reduce poverty, create jobs, and improve living standards across the continent.

    The Tanzanian government has shown its commitment to supporting businesses in the country and facilitating their participation in the AfCFTA. TCCIA encourages manufacturers to take advantage of this support and engage with the government to address any challenges they may face.

    Collaboration among businesses, industry associations, and government agencies is essential for maximizing the benefits of the AfCFTA. TCCIA emphasizes the importance of working together to overcome barriers and create a conducive environment for wealth creation.

    As Tanzania’s manufacturers embrace the opportunities presented by the AfCFTA, they have the potential to play a pivotal role in driving economic growth and prosperity in the country. By expanding their reach into the African market, manufacturers can create wealth, generate employment, and contribute to the nation’s development.

    The AfCFTA represents a historic milestone in Africa’s journey toward economic integration and prosperity. With the support of organizations like TCCIA and the commitment of manufacturers, the AfCFTA can serve as a catalyst for transformative change across the continent.

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    TCCIA’s Vision for Tanzania

    TCCIA envisions a future where Tanzania’s manufacturers thrive in a competitive and interconnected African market. By leveraging the opportunities presented by the AfCFTA, TCCIA aims to contribute to Tanzania’s economic growth and prosperity while promoting the interests of its business community.

    The time is ripe for Tanzania’s manufacturers to seize the moment and position themselves as key players in the AfCFTA. As they navigate the evolving landscape of African trade, manufacturers have the chance to shape their destiny and contribute to a brighter future for Tanzania and the continent as a whole.

  • Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    Zenith Bank, AfCFTA digitalises intra-Africa trade for exporters

    A Memorandum of Understanding (MoU) has been signed between ZENITH Bank Plc and the Secretariat of the African Continental Free Trade Area (AfCFTA) for the creation of the SMARTAfCFTA Portal, which would promote trade within the African continent.

    SMARTAfCFTA is a centralised hub for all of the trade-related information that pertains to the African continent. One million dollars’ worth of funding will come from the Bank to support the trade information site in Africa.

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    Words on AfCFTA 

    Speaking at the international trade symposium on non-oil export hosted by Zenith Bank, Secretary General of AfCFTA Wamkele Mene stated that there is a need for Nigeria to take the initiative of expanding into vehicle production in order to satisfy the wide gap of Africa’s population.

    Despite the fact that only South Africa, Morocco, and Egypt produce automobiles, the AfCFTA estimates that there is a void on the continent of five million per year in the market for automobiles. Mene pointed out that Nigeria has the potential to participate in this industry while also benefiting from the $1 billion facility that Afrexim provides to nations that manufacture automobiles.

    Mene remarked: “We have identified a number of priority sectors, which we believe in our studies indicate that these priority sectors will enable the diversification that we all want to see. I mentioned the pharmaceutical sector, agriculture and agro-processing, transport and logistics, and the auto sector. In the auto sector again, we had an opportunity to accelerate the diversification of Africa’s economy.” 

    “Our continent produces 900,000 units of passenger vehicles per year between South Africa, Egypt and Morocco and we are 17 per cent of the global population. India, similarly populated to the African continent, produces five million units of vehicles per year. By the year 2035, our estimates indicate that in order for us to meet domestic demand in Africa we have to produce five million units of vehicles per year.” 

    “That means that for Nigeria, there is an opportunity to include the auto sector in your strategy if it’s not there already as your strategy for diversification for production of vehicles, creating jobs driving industrialisation, because we know that the demand for the auto sector, Africans auto sector is not going to be met by Egypt, Morocco, South Africa. We have to have more countries that are producing vehicles for the African continent and creating jobs and innovation and driving industrialisation.”

    Mene proposed and suggested that the automotive industry be scrutinised more closely because for every unit of investment made on an assembly line to produce a vehicle, four jobs are created in the components manufacturing sector. These jobs can be in the production of lithium batteries, or they can be in the production of any other kind of component. Mene suggested and recommended that the automotive industry be scrutinised more closely. 

    Therefore, while discussing the value added by diversification, it is appropriate to view the car industry as one of the enablers for the diversification that we would all like to see. This is because the auto sector is one of the most rapidly growing industries in the world.

    He concluded: “I am very happy that our development financing institutions have stepped up as Afrexim has provided the facility $1 billion for any country that wishes to start producing vehicles for trade under the AfCFTA.”

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    Remarks

    In the meantime, the group managing director of Zenith Bank, Ebenezer Onyeagwu, commented on the memorandum of understanding that was signed with AfCFTA. He stated that the implementation of AfCFTA will bring wealth to the African continent, and that the portal that Zenith bank plans to develop would encourage trade throughout Africa.

    His words: “We expect that the implementation of this agenda will change the fortune of not just Nigeria for the whole of Africa. The MOU between Zenith Bank and the African continental free trade area will be executed. The MOU will be for Zenith to develop the smart AfCFTA portal which is going to serve as a trade portal that will showcase African products and services where they can be found.”

    “With the development of this portal, one of the capabilities we are going to build into is that you can sit in every part of Africa and market your products and services. You can sit in every part of Africa and identify whatever products and services you require that are in Africa.”