Get Guardian on GoogleAfrica needs to achieve an annual economic growth rate of between seven and eight per cent to effectively tackle poverty, create jobs and strengthen its private sector, President of the Foundation for Democracy in Africa, Fred Oladeinde, has said.
Oladeinde said the continent’s current growth performance was inadequate to generate the economic opportunities required to lift millions out of poverty, expand businesses and build a competitive private sector, particularly among small and medium-scale enterprises (SMEs).
He in Abuja spoke ahead of the 27th annual AfriCANDO US-Africa Trade and Investment Expo, scheduled to hold from November 17 to 19, 2026, at the International Conference Centre, Umuahia, Abia State.
He said while countries such as Ethiopia were recording economic growth of about 6.8 per cent, Nigeria’s growth rate remained below five per cent, stressing that stronger investment, trade expansion and private sector development were essential to achieving the higher growth target.
Oladeinde said the expo, themed “Deepening US-Africa Commercial Ties through AfCFTA and AGOA”, would focus on leveraging existing trade agreements to expand commercial relations, attract investment and improve access to international markets for African businesses.
He disclosed that the Foundation, in partnership with the Abia State Government and other stakeholders, was working towards establishing an Africa Trade Development Centre and an AGOA Civil Society Network in the state to strengthen trade facilitation, business development and investment advocacy.
He said the proposed institutions would collaborate with the Abia Global Chamber of Commerce, Nigerian-American Chamber of Commerce, Nigerian Association of Women Entrepreneurs and other organisations to connect local businesses with investors and international markets.
The initiative, he said, would particularly target manufacturers and SMEs in Aba, whose production capacity and commercial networks position them to benefit from expanded access to markets across Nigeria and West Africa.
Oladeinde said the Foundation also intended to use the platforms to mobilise support for a long-term extension of the African Growth and Opportunity Act (AGOA), following its recent two-year extension to December 2028.
He described AGOA as an important instrument for strengthening US-Africa commercial relations, adding that its benefits needed to be better harnessed to promote African production, exports and economic integration.
He further said intra-African trade had risen from below four per cent in 2000, when AGOA was introduced, to between 15 and 18 per cent in 2026, but argued that the continent needed to do more to unlock the economic opportunities offered by the African Continental Free Trade Area (AfCFTA).
The three-day conference will examine investment opportunities across eight sectors, including agriculture, consumer goods, financial services, insurance and healthcare.
Speaking on Abia’s selection as host, the Chief of Staff to Governor Alex Otti, Pastor Caleb Ajagba, said the state’s infrastructure, road network, electricity supply, security, manpower development and entrepreneurial capacity were among the factors that made it attractive to investors.
He described Aba as a major manufacturing and commercial hub with the potential to attract international partnerships and expand Nigeria’s participation in regional and global trade.
Ajagba said the state government would work with the organisers to ensure the conference translated into investment opportunities, stronger business partnerships and economic benefits for local enterprises.
The AfriCANDO 2026 expo is being organised by the Foundation for Democracy in Africa in partnership with the Africa Global Chamber of Commerce and the Abia State Government.
