The Intra-African Trade Fair (IATF 2023) is expected to generate over $43 billion in intra-African trade and investment deals, according to Kanayo Awani, Executive Vice President, Business & Corporate Development, Intra-African Trade Bank.
The fair, which will take place in Cairo, Egypt from November 9-15, 2023, is expected to have over 1,600 exhibitors, 35,000 visitors, and 75 exhibiting countries. It will feature business-to-business and business-to-government sessions, all geared towards ensuring healthy collaboration and competition to achieve the objectives of the African Continental Free Trade Agreement (AfCFTA).
Awani said that Afreximbank has concluded plans to double its financing efforts to increase intra-African trade to $40 billion on a revolving basis by 2026, up from $20 billion in 2021. The bank is also working with the AfCFTA Secretariat to put in place the AfCFTA Adjustment Fund to facilitate and provide technical assistance, grant and compensation to state parties and private enterprises to effectively participate in the AfCFTA.
She stressed that the AfCFTA is expected to serve as the bedrock for deeper economic emancipation and integration, and will pave the way for increased investment in productive sectors, enhance trade linkages between African member states, and drive the structural transformation of Africa.
Earlier this week, the High-Level Business Roadshow took place in Lagos, Nigeria and with just a little under 2 months ‘til the 3rd edition of the Intra-African Trade Fair, taking place in Cairo, Egypt, this November, financial institutions, States, businesses and government + pic.twitter.com/Rk5U6HZ2G7
— Afreximbank (@afreximbank) September 15, 2023Awani also called on the Nigerian government and other African governments to create enabling platforms for businesses and investors to connect and explore business opportunities, and to disencumber MSMEs from every bottleneck locally.
“We are leaving no stone unturned to see that African products are competitive in the global market,” she said. “We’re harmonizing standards in the region for competitiveness. We are providing soft and hard infrastructure, we’re taking the roadshow across the continent, and we’re optimistic to meet our goals. We have different platforms deployed to promote intra-African trade.”
Ezra Yakusak, Executive Director of the Nigerian Export Promotion Council (NEPC), assured that the Council has been taking pragmatic steps to prepare Nigeria for the AfCFTA by building human capacities and other progressive efforts. He urged other relevant government agencies to do their bids purposefully to give Nigerian businesses an edge.
“We’re building capacity, and I urged other government agencies to do their best to explore this opportunities,” he implored.
