Experts urge urgent reforms to boost intra-African trade at Moonshot 2026
Experts at Moonshot 2026 in Lagos emphasized the need for urgent reforms to unlock the potential of intra-African trade, which remains below 17% of the continent's total trade despite the African Continental Free Trade Area's promise of a $3.4 trillion market. Regulatory barriers, fragmented financial systems, and costly cross-border payments continue to obstruct businesses. Calls were made for technology-driven solutions and active business engagement to push governments toward implementation.
Brève Publié le (Africa/Lagos, UTC+1)
At Moonshot 2026 in Lagos, experts highlighted that intra-African trade remains below 17% of the continent’s total trade, far behind Europe’s 60%.
Despite the African Continental Free Trade Area (AfCFTA) offering a $3.4 trillion market, regulatory barriers, fragmented financial systems, and costly cross-border payments continue to hinder business growth.
Adetola Onayemi, Chairman of Norebase, pointed out the gap between trade agreements and their implementation, citing persistent obstacles at borders, ports, and banks.
He urged the adoption of technology-driven solutions such as standardized business documentation and interconnected digital payment systems to simplify market entry and reduce transaction costs.
Onayemi also called on businesses to actively use the AfCFTA to expose bottlenecks and pressure governments to address them, aiming to boost incomes, expand trade, and reduce poverty across Africa.