As the eagerly awaited Intra-African Trade Fair (IATF 2023) approaches, expectations are soaring, with projections indicating it could catalyze a staggering $43 billion in trade and investment across an array of vital sectors. The fair, set to transpire in Cairo, Egypt, from November 9th to 15th, 2023, promises a dynamic platform for myriad industries, encompassing manufacturing, automotive, health/pharmaceuticals, tourism, construction, infrastructure, creative/intellectual property, engineering, energy, and power, among others.
The brainchild of the African Export-Import Bank (Afreximbank) in collaboration with the African Union Commission and AfCFTA Secretariat, IATF 2023 endeavors to facilitate the seamless movement of goods and services within Africa. With an anticipated 1600 exhibitors, 35000 visitors, and representation from 75 exhibiting countries, the fair is poised to host an array of Business-to-Business and Business-to-Government sessions, fostering robust collaboration and competition to fulfill the objectives of the African Continental Free Trade Area (AfCFTA).
Mrs. Kanayo Awani, the Executive Vice President of Business and corporate Development at Intra-African Trade Bank, emphasized Afreximbank’s resolve to intensify financing efforts, aspiring to elevate intra-African trade to $40 billion on a revolving basis by 2026, a substantial increase from $20 billion in 2021. Moreover, Afreximbank is working in tandem with the AfCFTA Secretariat to establish the AfCFTA Adjustment Fund. This fund is envisioned to streamline processes and provide vital technical assistance, grants, and compensation to state parties and private enterprises, thereby empowering effective participation in
Having garnered signatures from 54 of the 55 AU member states and achieved ratification by 47 African State parties, AfCFTA stands poised as a pivotal linchpin for deeper economic integration and emancipation. It promises to pave the way for amplified investments in productive sectors, augment trade links between African member states, and spearhead the structural transformation of Africa’s economic landscape.
Mrs. Awani articulated the imperative for Africa to reduce reliance on foreign nations and seize the opportunities afforded by initiatives like AfCFTA. She urged governments, particularly Nigeria, to establish conducive platforms for businesses and investors to forge connections. This, she asserted, is vital for unburdening Micro, Small, and Medium-sized Enterprises (MSMEs) from local obstacles, thereby enabling the region to flourish through AfCFTA.
Ezra Yakusak, the Executive Director of the Nigerian Export Promotion Council (NEPC), affirmed the Council’s proactive steps in preparing its workforce to leverage the potential of AfCFTA. He encouraged other relevant government bodies to fervently pursue strategies that empower Nigerian businesses and unlock their latent potential for economic development.
In a unified effort, Afreximbank, AfCFTA, and various stakeholders are poised to propel Africa towards a future of self-sufficiency, robust trade, and sustainable economic advancement. As IATF 2023 looms on the horizon, anticipation builds for the transformative impact it could herald across the continent’s economic landscape.
