The unveiling of the $120 million Afreximbank African Trade Centre in Abuja makes a bold statement on efforts to transform Nigeria into a regional trade hub as well as recalibrate the intra-African trade, ADAKU ONYENUCHEYA reports.
After 41 months of meticulous planning, ambitious vision and relentless execution, the African Export-Import Bank (Afreximbank) has unveiled its $120 million African Trade Centre in Abuja, an initiative that aims to accelerate intra-African trade, deepen regional integration and foster economic transformation across the continent with a potential to advance the country’s ambition of emerging as the regional hub.
According to the Afreximbank African Trade Report 2024, the continent recorded a growth rate of 3.2 per cent in 2023, down from four per cent in the previous year and the five per cent average growth achieved between 2011 and 2019. The report also noted that intra-African trade grew by 3.2 per cent in 2023, a significant slowdown from the 10.9 per cent growth recorded in 2022.
Despite sluggish global growth and macroeconomic challenges in several countries, the report highlighted that intra-African trade showed remarkable resilience in 2023, accounting for approximately 14.9 per cent of total African trade, an improvement from 13.6 per cent the previous year.
However, at 14.9 per cent, intra-African trade remains relatively low compared to other regions of the world. As Africa continues its efforts to eliminate tariff barriers, harmonise regulations, and develop infrastructure to connect its 1.4 billion people, Afreximbank initiated this infrastructural project to create a network of trade and business hubs designed to serve as pillars of the African Continental Free Trade Area (AfCFTA) framework.
The launch of the Afreximbank African Trade Centre (AATC) marked a milestone in the bank’s broader vision to establish African Trade Centres in key regional capitals.
This landmark project, the first of its kind in West Africa, represents a major step forward in the continent’s drive to accelerate intra-African trade, deepen regional integration, and achieve sustainable economic transformation.
Afreximbank launched its trade hub infrastructure initiative with Africa’s largest economy, Nigeria. The project, which began in November 2021 in Abuja, marks the first of seven planned Afreximbank African Trade Centres (AATCs) across the continent. Other host cities include Kampala (Uganda), Harare (Zimbabwe), Cairo (Egypt), Yaoundé (Cameroon), Tunis (Tunisia) and Kigali (Rwanda).
The Abuja AATC stands as one of Afreximbank’s flagship developments—a network of trade centres envisioned for key African cities to serve as pillars of the AfCFTA initiative.
Beyond providing physical infrastructure, the AATC is strategically designed to foster dialogue among policymakers, financial institutions, and the private sector. The centre is also uniquely positioned to drive innovation, policy development, and investment across the region.
With provisions to host local and international financial institutions, trade policy organisations and development finance institutions, the centre aims to become a nerve centre for shaping Africa’s trade agenda.
The inclusion of a technology incubation hub and an SME support facility reflects a keen understanding of the continent’s economic engines. By nurturing startups and small businesses, the backbone of Africa’s economies, the centre is expected to stimulate innovation and generate employment opportunities.
The Abuja AATC is poised to inject new energy into Nigeria’s trade infrastructure, serving as a nexus for trade policy development, logistics coordination, investment advisory and digital commerce.
The AATC integrated model aligns with Nigeria’s broader ambition to diversify its economy and emerge as a regional hub for manufacturing, technology, and services.
Industry analysts suggest that the AATC could significantly reduce trade costs, eliminate duplication of efforts and promote a more coordinated approach to tapping into the $3.4 trillion AfCFTA market.
With the addition of the Digital Africa Trade Gateway, businesses across the continent will gain access to a centralised platform for payments, documentation, customs clearance, and other trade-related services—crucial steps toward achieving seamless continental trade.
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, praised Afreximbank for its strategic foresight, describing the Abuja AATC as a “vital infrastructure” for the successful implementation of the AfCFTA.
She noted that as Nigeria positions itself as a key player in Africa’s economic landscape, the AATC is expected to catalyze investment, local entrepreneurship, and export promotion.
Constructed on a 5,856-square-metre plot in the Federal Capital Territory (FCT), the $120 million AATC embodies Afreximbank’s three-decade-long vision to establish a permanent presence in Nigeria.
Built to global sustainability standards, the edifice also marks the first time the bank will operate a permanent regional office in Nigeria, consolidating its presence in West Africa and amplifying its influence on the continent’s trade landscape.
The Afreximbank African Trade Centre comprises two interconnected nine-storey towers, each tailored to a specific set of functions aimed at supporting trade facilitation and business innovation.
Also featured is a trade information services hub designed to equip businesses with critical data and market intelligence for regional expansion.
The second tower includes a 148-room business hotel to accommodate trade missions, corporate executives, and international delegates.
The facility also features seminar and meeting rooms, a wellness centre, a fine-dining restaurant, and other auxiliary services – all constructed to global standards.
Sustainability was a core consideration from the project’s inception, while the building is on track to earn gold and potentially platinum certification under the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) programme, a globally recognised benchmark for sustainable construction.
This certification would make the Abuja AATC one of the few LEED-certified buildings in Nigeria and West Africa, underscoring its commitment to environmental responsibility.
With the opening of the Abuja AATC, Afreximbank is reinforcing its mission to promote intra-African trade and investment, laying the foundation for a more integrated and prosperous African economy.
Already, the bank has committed $1 billion to support the AfCFTA Adjustment Fund and provided a $10 million grant to facilitate its establishment and operationalisation.
Afreximbank has also announced plans to double its intra-African trade financing from $20 billion in 2021 to $40 billion by 2026.
At the commissioning of the centre, President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.
“The Afreximbank African Trade Centre (AATC) is a landmark project that embodies our shared commitment to advancing intra-African trade, fostering economic integration, and unlocking the vast potential of our continent.
“This occasion marks the realisation of a bold vision for Africa’s economic future. The AATC stands as a testament to the power of collaboration, resilience, and forward-thinking leadership. It is more than a physical structure; it is the beginning of innovation, a hub for entrepreneurship, and a catalyst for sustainable development,” Tinubu stated.
He said the centre will serve as a critical platform for trade facilitation, capacity building and investment promotion, which are key pillars of Africa’s economic transformation.
The President emphasised that Afreximbank’s role in shaping Africa’s trade landscape cannot be overstated, noting that the institution has consistently demonstrated its commitment to dismantling trade barriers, bridging financing gaps, and empowering African businesses to remain competitive.
“All these have been accomplished through flagship initiatives such as the AfCFTA Adjustment Fund—managed by Afreximbank’s subsidiary, the Fund for Export Development in Africa (FEDA), as well as the Pan-African Payment and Settlement System (PAPSS) and other trade finance programmes,” he stated.
He added that the AATC in Abuja represents another milestone in this journey, aligning perfectly with Nigeria’s strategic priorities under the Federal Government’s eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration.
“As we commission this remarkable edifice today, let us renew our resolve to build a stronger, more interconnected, and prosperous Africa,” the President concluded.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, noted that the Abuja centre is the first of several AATCs being developed across Africa and the Caribbean.
He explained that while some will be fully owned by Afreximbank, others will operate under a franchise model.
“With these, we expect to create a sizable network of AATCs that will serve as lighthouses guiding the interconnections and flow of trade and investment within continental Africa and between Africa and the Caribbean.
“This AATC in Abuja has been a 41-month journey—one built on hope and determination. Like the other centres, it will serve a multi-purpose function: as a hub for fostering deeper regional and continental integration, and as Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition,” Oramah stated.
Oramah expressed gratitude to the Federal Government for its unwavering support, describing the bank’s relationship with Nigeria as mutually beneficial and cordial.
“Over the last three decades, successive governments have extended unflinching support to Afreximbank—responding positively to capital calls, providing an enabling environment for smooth operations, and offering strong domestic policy support that helped implement numerous development programmes in Nigeria,” he said.
