Intra African trade 2021 records $36 billion deals says Afreximbank
African Export-Import Bank (Afreximbank), has disclosed that deals worth$36 billion was completed and consummated at the just concluded 2021 Intra African Trade Fair (IATF) 2021 held in Durban, South Africa.
Managing Director of Afreximbank, Kanayo Awani stated this while giving the Afreximbank preliminary report on the 2021 fair.
She said the as at November 21, 2021, transactions worth $36 billion were sealed and consummated, stating that the bank were still receiving deal entries on transactions.
“We drew from lessons of AITF 2018 which was held in Cairo and we came up with very successful metrics which has worked for us.
“We recorded 11,828 attendees who were physically present from four countries namely: South Africa, Egypt, Coted’voire and Nigeria.
” 46 African countries were represented in the exhibition stand and in all, we have 59 countries that participated from within and outside Africa.
” There are opportunities to do business here not only exhibitions. We had 70 sponsors that participates in the exhibition. We even had sponsors waiting to participate afterwards,”Awani said.
Afreximbank President Professor. Benedict Oramah stated that despite the 55 African countries that make the continent, it had remained a marginal player in that market.
He raised questions about why Africa had been unable to better penetrate the market and about what could be done for it to take full advantage of the opportunity presented by the IATF.
The President noted that a deficit of product diversification had been singled out as a key hindrance to Africa’s access the U.S. market.
Therefore, he called for the deepening of regional value chains to enhance the continent global competitiveness and prosperity.
He urged African governments to support the ability of commercial banks to modernize and finance small and medium-sized businesses to boost Africa’s GDP.
Furthermore, he stressed the need for Africans to leverage opportunities in AITF to deepen the regional value chain.