Chinedu Ezomike, Partner and Head of Commercial Practice at Andersen, Nigeria, says despite the significant strides made under the African Continental Free Trade Area (AfCFTA), key infrastructure gaps, particularly in payment systems, are still limiting the continent’s ability to maximise intra-African trade.
He noted that while AfCFTA has brought welcome reforms, such as tariff reductions and improved customs procedures, logistical and financial infrastructure challenges continue to undermine the ease of doing business across borders.
“There are real challenges with air travel across the continent. In some cases, you have to transit through Europe just to travel from one African country to another,” Ezomike said, highlighting inefficiencies that hinder cross-border commerce.
He also stressed the urgent need for improved payment systems that support direct transactions between African currencies.
“If I want to do business in Ghana, for example, I have to convert my money to US dollars, and then convert again to Ghanaian cedis. That doesn’t make sense. These are the kinds of infrastructure issues that need to be addressed,” he said.
Despite these challenges, Ezomike expressed optimism about Africa’s economic prospects, noting that ongoing reforms could soon unlock the full potential of the continent’s vast market.
“Africa is a huge market. The incentives for doing business are clear, and once these systems are in place, the opportunities will be limitless,” he added.
