Afretrade, INC., a U.S.-based business consortium of experts in trade and technology, has announced the Afretrade Entrepreneur Festival (TAEF), which will kick off in Lagos today.

The three-day summit, which will take place over the next three days, seeks to build a sustainable ecosystem for Africa’s economic renaissance with intention, capital and urgency.

The event will open with a grand opening plenary where former President and one of the continent’s most consequential pan-African voices, Olusegun Obasanjo, will deliver the keynote, anchoring the formal launch of the Africa Economic Renaissance Movement.   

Secretary of the California State Transportation Agency (CalSTA), Toks Omishakin, will lead the official California delegation and speak to the economic synergies between Lagos and California, the world’s fourth-largest economy.

According to the organisers, the festival will serve as the formal launch of two landmark initiatives: the Afretrade Africa Economic Renaissance Movement and the Lagos–California Sister State Economic Corridor.
  
According to the organisers, the festival will serve as the formal launch of two landmark initiatives: the Afretrade Africa Economic Renaissance Movement; a coordinated global effort to mobilise the African diaspora as an engine of trade, investment and institutional development and the Lagos–California Sister State Economic Corridor, designed to structurally connect two of the world’s most dynamic business ecosystems.

Festival Director and Chief Operating Officer, Afretrade Inc., Dr Charly Lemassi, said the upcoming festival is not just a conference but a movement. “For the first time, we are bringing the full weight of the global African diaspora: investors, innovators, entrepreneurs and policymakers into one room with a single, shared mandate.

Speaking on its importance, she said the time is just right. “We have been hearing that Africa is the next frontier but I believe Africa is now, not next, but now. Furthermore, with current global events like trade tariffs, travel bans, restrictions and so on, a lot of people are losing hope. In addition, people are battling inflation, rising cost of living and so on. Financially, emotionally and even mentally, people are tired and looking for solutions. Now is the time to provide that solution.”
  
Stressing that diaspora communities, many of whom have built capital and expertise in their countries of residence, are not waiting for governments to lead the charge, she said, “We have not forgotten home, we often think about how we can support. We don’t want to leave everything to the government to do because we know many things will not get done, especially concerning empowering people financially. We cannot however solve everyone’s problems, but we want to work with those that are ready and those that are ready must be at the festival.

Regretting the structural impediments that have held intra-African trade well below its potential, even as frameworks like the African Continental Free Trade Area (AfCFTA) exist to unlock it; she said poor access to information is the first obstacle that needs to be tackled.

Access to networks and market intelligence was the second obstacle she named. Adding that access to funds remains a significant barrier, she said many exporters do not have the required capital that can help them expand manufacturing to fulfill export demands.
  
With 3,000 delegates from over 40 countries expected and high-level delegations confirmed from different countries; she revealed that the combined economic footprint represented is projected to exceed $500 billion.