Despite a rebound in merchandise trade and outpacing global economic growth in 2024, Africa still contributes just 3.3% to global trade volumes, according to a new report by the African Export-Import Bank (Afreximbank).
The findings were released during the Bank’s 2025 Annual Meetings held in Abuja under the theme “African Trade in a Changing Global Financial Architecture.”
The report, titled “African Trade in a Shifting Global Financial Landscape,” shows that Africa’s total merchandise trade rose by 13.9% in 2024 to reach US$1.5 trillion, reversing a 5.4% contraction in 2023.
The continent’s economy also grew by 3.2%, surpassing the global average decline of 3.3%, driven by improved fiscal positions and higher commodity prices.
However, the report warns that Africa’s trade growth has yet to translate into significant participation in global value chains or influence within the international trade system.
Afreximbank’s Chief Economist, Dr. Yemi Kale, noted that Africa’s export model remains overly dependent on raw commodities. He stressed the need for structural transformation and industrialization, highlighting a persistent US$100 billion trade finance gap that continues to limit Africa’s economic potential.
“Without a deliberate push to reduce our dependency on primary goods and integrate more deeply into global production networks, Africa will continue to be a marginal player,” Dr. Kale said.
He called for harmonization of trade policies across the continent, better trade rule enforcement under the African Continental Free Trade Area (AfCFTA), and increased mobilization of long-term domestic capital such as pension funds.
The report also advocates the use of the Pan-African Payment and Settlement System (PAPSS) to strengthen intra-African trade and reduce reliance on foreign currencies for cross-border transactions.
Outgoing Afreximbank President, Professor Benedict Oramah, described the report as a blueprint for African resilience amid global economic headwinds.
“We are facing a reconfiguration of global finance shaped by geopolitical tensions and rising protectionism, hence, this report provides a strategic path to navigate those challenges and build an independent, productive African economy,” he said.
The Bank emphasized the growing role of the Alliance of African Multilateral Financial Institutions (AAMFI) in shaping Africa’s new financial ecosystem.
Oramah noted that regional financial institutions must be empowered to deliver tailor-made solutions for African economies, particularly in trade finance, infrastructure, and innovation funding.
In 2024, Afreximbank disbursed over US$17.5 billion in trade finance and intends to scale this to US$40 billion by 2026. The Bank believes this expansion is critical to supporting AfCFTA implementation, promoting export diversification, and helping businesses weather external shocks.
The report called on African governments to make industrialization a top priority, backed by coordinated policies and investment in digital infrastructure, logistics, and energy.
