Africa sits on the cusp of its most significant economic transformation in modern history—and at the heart of this shift is digital trade infrastructure. At a high-level engagement in Abuja, the African Export-Import Bank (Afreximbank) made a compelling case: Nigeria can only unlock its full trade potential under the AfCFTA through aggressive digital innovation, data-driven systems, and continent-wide payment integration.
Delivered by Dr Yemi Kale—renowned economist, Group Chief Economist and Managing Director of Research at Afreximbank—the message was simple but profound:
Digital transformation is not optional. It is the engine of Africa’s next economic leap.
Nigeria at the Centre of Africa’s New Digital Trade Revolution
Africa’s new continental marketplace—a unified economic bloc of 1.3 billion people with a combined GDP of $3.4 trillion—has opened unprecedented windows for value creation, industrialisation and regional manufacturing competitiveness. But Afreximbank warns: the continent risks missing this once-in-a-generation opportunity unless digital tools are fully deployed to solve legacy trade constraints.
Despite AfCFTA’s promise, intra-African trade remains shockingly low at 15–18%, compared with
- 60% in Europe,
- 40% in Asia, and
- 30%+ in the Americas.
The culprits are well known:
- fragmented markets,
- high logistics and port costs,
- weak trade intelligence,
- customs inefficiencies,
- currency conversion barriers, and
- cross-border payment friction.
Dr Kale captured the urgency succinctly:
“If Africa must rise to its true economic stature, we must confront these obstacles with clarity, urgency and innovation — powered by digital transformation.”
Digital Tools Are Rewiring the DNA of Global Trade — Africa Must Not Be Left Behind
Afreximbank underscored the digital disruptions reshaping global commerce:
✅ End-to-end digital supply chain systems
✅ Automated customs & clearance (single windows)
✅ AI-powered trade intelligence
✅ E-commerce ecosystems for SMEs
✅ Digital payments & blockchain-enabled validation
✅ Pan-African Payment and Settlement System (PAPSS)
PAPSS alone is projected to save Africa billions in annual currency conversion costs, a major bottleneck that previously weakened small exporters and raised transaction overheads.
Nigeria’s Unique Advantage: Youth, Scale & Innovation Power
Afreximbank says Nigeria is naturally positioned to lead Africa’s digital trade revolution:
- 65% of its population is under 25
- Tens of thousands of digital-first SMEs are emerging
- Fintech innovation is expanding cross-border payments
- Infrastructure reforms under the Renewed Hope Agenda create an enabling environment
Dr Kale emphasised:
“Nigeria’s young innovators are building solutions, shaping industries and opening Africa to global markets. With the right skills, regulation and financing, they can transform the continent’s trade landscape.”
Afreximbank’s Playbook: Building the Digital Trade Superhighway
Afreximbank outlined several flagship platforms transforming continental commerce:
1. African Trade Gateway (ATG)
A unified digital ecosystem integrating:
- trade intelligence
- due diligence
- market entry support
- secure digital payments
- logistics & supply chain information
2. TRADAR Intelligence Platform
A cutting-edge regional market intelligence tool for exporters, banks and governments.
3. AfCFTA Adjustment Fund
Supports governments and private sector firms transitioning into the new continental marketplace.
4. Pan-African Payment & Settlement System (PAPSS)
Enables instant cross-border payments in local currencies.
AATC: Abuja to Host Africa’s First One-Stop Digital Trade Hub
Afreximbank unveiled details of the Abuja Africa Trade Centre (AATC) — the first of several one-stop trade hubs across Africa.
The Centre will integrate:
- exhibition halls
- trade intelligence desks
- financing support offices
- a business hotel
- digital trade tools & innovation labs
- logistics and market access support
The objective is clear: remove friction, collapse transaction costs and accelerate market access for Nigerian exporters.
Dr Kale described it as:
“A catalytic platform for innovation, integration and investment — more than a building; a gateway to Africa’s future.”
The Big Picture: Digital Trade Will Determine Africa’s Place in the Global Economy
Afreximbank’s message is a wake-up call to policymakers, banks, start-ups, exporters and state governments:
Africa cannot industrialise, scale value chains or compete globally without digital trade systems.
Nigeria cannot lead AfCFTA without embracing full digital integration.
The roadmap now demands:
- faster regulatory reforms,
- robust digital infrastructure,
- youth-focused innovation policies,
- deepened cross-border payment integration,
- and stronger collaboration among financial institutions, exporters and government agencies.
Afreximbank insists:
“This is not a distant dream. It is within reach — if we embrace innovation and collaboration.”
