By Yinka Kolawole

Intra-African trade surged by 12.4 percent to $220.3 billion in 2024, compared with $196.04 billion in 2023, the African Trade Report launched by the African Export-Import Bank (Afreximbank) has revealed.

According to the report, the rebound which has helped to drive up trade across the continent is sparked improved economic performance in countries such as South Africa, Nigeria, and Congo.

The Afreximbank report noted that South Africa, in particular, maintained its lead as Africa’s top intra-African trading nation, with $42.14 billion in trade, nearly one-fifth of all intra-African trade in 2024.

The data also shows that Nigeria accounted for $18.43 billion in intra-African trade in 2024, Congo $11.36 billion, Mali $9.31 billion, Egypt $9.01 billion, and Côte d’Ivoire $8.46 billion.

Nigeria alone accounted for 8.4 percent of all intra-African trade, powered by growing exports of refined oil and manufactured goods. 

“In West Africa, Nigeria emerged as the region’s largest intra-African trading country as trade with the rest of Africa expanded to reach approximately $18.4 billion in 2024, up from just $8.1 billion in 2023.”

“Crude oil remained Nigeria’s primary export to African markets during the period, but there was growing momentum toward refined product exports following the operational launch of the Dangote Refinery.

“The refinery, Africa’s largest with a processing capacity of 650,000 barrels per day, began supplying petroleum products directly to Cameroon and other neighbouring markets,” the report added.

Afreximbank’s Group Chief Economist and Managing Director of research, Dr. Yemi Kale, stated: “Despite global headwinds, Africa’s trade rebounded strongly in 2024, with trade between African countries growing by 12.4% to reach $220.3 billion, from a contraction of 5.9% in 2023. This shows the tangible benefits of AfCFTA implementation, even as the continent contends with rising inflation, sovereign debt risks, and a persistent trade finance gap.”

“The report shows that Africa’s total merchandise trade recovered, surging by 13.9% in 2024, to $1.5 trillion, following a 5.4% contraction in 2023.““However, Africa still makes up only 3.3% of global exports. That’s a clear signal that the continent must do more by moving away from commodity exports and accelerating its industrialisation process, if it is to enhance its integration into global value chains and boost intra-African trade.”