By Godwin Oritse

The African Development Bank (AfDB) has initiated talks with key stakeholders in the African Continental Free Trade Agreement (AfCFTA) to support vessel acquisition for African ship owners.

Disclosing this in Lagos at the quarterly meeting of the Nigerian Association of Master Mariners, NAMM, Captain Sunday Umoren, Secretary General of the Abuja Memorandum of Understanding (MoU), said that the  effort seeks to bolster regional trade by enhancing Africa’s shipping

 Umoren revealed that the bank is advancing plans for vessel acquisition to make trade within Africa more seamless. The initiative aligns with the objectives of the AfCFTA, which is designed to unlock economic growth across the continent by fostering intra-African trade.

Umoren explained, “The AfCFTA presents an extraordinary opportunity to revitalize intra-African trade, which has long been underdeveloped. Effective trade requires that goods move from producers to consumers, and this relies heavily on accessible and reliable transportation—whether by road, rail, sea, or air. Africa’s geographic diversity, which includes 38 coastal and island states, extensive Exclusive Economic Zones spanning 13 million square kilometers, and a coastline of over 47,000 kilometers, makes maritime transport a natural choice for linking markets across the continent.”

Umoren noted that approximately 100 vessels would be necessary to kick-start integrated intra-African trade effectively, allowing the continent to meet anticipated shipping demands. He highlighted that the AfDB’s support in financing vessel acquisition is critical to meeting this target, as it will enable African ship owners to contribute actively to this continental trade shift. Supporting Umoren’s statement, Ms. Funmi Folorunsho, Secretary General of the African Shippers’ Owners Association, confirmed that discussions are progressing on securing the necessary vessels and related infrastructure to facilitate the AfCFTA.

She stated, “These discussions represent a monumental step forward. AfCFTA’s goal of a united and economically vibrant Africa is within reach, and the AfDB’s commitment to supporting the necessary infrastructure will be transformative for the region.”