Experts have warned that rising global trade restrictions are fuelling economic uncertainty and undermining prospects for peace, particularly for developing regions such as Africa.
Chairman of Dangote Cement Plc, Emmanuel Ikazobor, said the resurgence of protectionism among major economies had disrupted supply chains, weakened market efficiency and pushed nations into a cycle of mutual suspicion.
He said this at the International Chamber of Commerce (ICC) Dinner and Dance in Lagos, themed “Attacking Global Trade Friction for Peace and Prosperity.”
He noted that global trade had historically served as a unifying force, lowering tensions by binding countries through mutual interest, but warned that the world was drifting into a period where growth and stability were increasingly threatened.
“Imagine if every country insisted on producing everything itself. This would stunt the economic growth of all nations,” he said.
Ikazobor said Africa must respond decisively to the changing global architecture by deepening regional integration through the African Continental Free Trade Area (AfCFTA), which offers a single market of 1.4 billion people.
Despite the opportunity, he lamented that intra-African trade, currently between 15 and 16 per cent, lags far behind other regions due to infrastructure deficits, regulatory overlaps, non-tariff barriers, travel restrictions and a persistent preference for trading with former colonial partners.
Calling AfCFTA a game-changer, he argued that Africa could only benefit from the agreement if it dismantles internal barriers and expands regional value chains. “Africa cannot keep exporting raw materials and importing finished products forever,” he said.
Ikazobor also highlighted the role of the private sector in reducing trade friction, citing Dangote Group’s investments in infrastructure, logistics, refining and manufacturing as examples of how businesses can strengthen the continent’s productive base.
While acknowledging that trade barriers pose challenges to operations, including cement transport, he said the group had responded by developing new trade routes, building local capacity and expanding exports of fertilizer and refined products.
He outlined several measures to reduce trade pressure, including accelerating AfCFTA implementation, embracing digital technologies such as blockchain and artificial intelligence, strengthening multilateral institutions, investing in infrastructure, digitalising customs and promoting peace through economic diplomacy. “Most global problems start because someone did not pick up the phone,” he said, calling for improved communication between nations and simpler trade rules.
Country Chairman, ICC Nigeria, Dr. Raymond Ihyembe, said the annual event provides an opportunity to review the year, celebrate achievements and reaffirm commitment to strengthening trade. He reiterated that the ICC, home to the world’s leading International Court of Arbitration, plays a pivotal role in resolving disputes and shaping global trade standards across sectors including banking, maritime, insurance and logistics.
Ihyembe expressed concern about growing global protectionism but expressed optimism that countries would eventually recognise that trade barriers hinder growth. He called for African nations to ease visa processes and lower regional trade barriers, noting that it is sometimes more difficult to get a visa to Tanzania or Zambia than to the UK, a situation he described as untenable for intra-African commerce.
He urged Nigerian businesses to join ICC commissions and support efforts to enhance rule-based trade, stressing that Nigeria must innovate and build resilient industries as global conditions tighten. “Nigeria is resilient despite challenges. We remain hopeful that this country will still make it,” he said.
