The United Nations Economic Commission for Africa (ECA), Sub-regional Offices for Eastern (SRO-EA) and Southern Africa (SRO-SA) today opened a three-day regional workshop bringing together public and private sector players to take stock of the current status of the African Continental Free Trade Area (AfCFTA) and enhance their understanding of AfCFTA implementation tools.
The workshop under the theme: ‘Towards an Accelerated Implementation of AfCFTA Agreement in Africa’ is part of the United Nations Development Account project implemented by ECA and the United Nations Conference on Trade and Development (UNCTAD) to empower Comoros, Djibouti, Senegal, and Zambia—to move beyond graduation from Least Developed Country status and use the AfCFTA as a catalyst for economic growth.
In her keynote address, Ms. Angelina Chanda Mukuka, Acting Permanent Secretary Ministry of Commerce, Trade and Industry(MCTI) highlighted that for Zambia, the AfCFTA is a development imperative and the country has prioritised industrialisation as evidenced by projects such as the Zambia-Zimbabwe Common Agro-industrial park and the Zambia-Democratic Republic of Congo joint initiative on the establishment of a value chain in the battery electric vehicle sector.
She stated that, “It is projected that the full implementation of the AfCFTA could lift 30 million Africans out of extreme poverty and boost the continents income by $450 billion by 2035. To make headway the benefits of the AFCFTA will require deliberate policies, strong institutions, private sector participation, inclusion of women, youth and SMEs.”
Ms. Beatrice Mutali, United Nations Resident Coordinator in Zambia also underlined the importance of AfCFTA as a tool for progress in Africa. She called for, “a shared vision of a prosperous, industrialized Africa where trade is a driver of transformation and economic integration for the continent -connecting 1.3 billion people across 54 countries with a combined Gross Development Product of around US$3.4 trillion.”
ECA was represented by Ms. Eunice G. Kamwendo, SRO-SA Director and Mr. Andrew Mold SRO-EA Director, who both emphasised that the AfCFTA agreement is not only expected to boost trade across the continent but also to serve as an unprecedented catalyst for job creation, sustainable economic growth, and increased investment, among other benefits.
Ms- Kamwendo pointed out that AfCFTA is not only a trade agreement but an instrument that can drive regional value chains, catalyze infrastructure investment, harmonize standards and policies, and enable the freer movement of goods, services, and people across the continent. She cited some of the SRO-SA work in Mauritius and Zimbabwe with women entrepreneurs from fifteen African countries that the office equipped with practical tools to harness AfCFTA opportunities. Noting that, “Our interventions are meant to go beyond capacity building: they identify export-ready enterprises, help them meet AfCFTA standards, and connect them to continental markets.”
Mr Mold highlighted that, “It’s time for African firms to shift from priming high- income markets under preferential schemes to regional trade under the AfCFTA. This will be the most effective way to help regional economies to become more competitive”.
The regional workshop has brought together approximately 45 to 50 participants, including government representatives of Zambia, Comoros, Djibouti, and Senegal. Participants also include export-ready entrepreneurs and MSMEs engaged in intra-African trade, with an emphasis on Zambian firms. The Ministry of Commerce, Trade and Industry represented the Government of Zambia. Institution like the Zambia Chamber of Commerce and Industry, and the Zambia Development Agency were also represented as well as technical partners and development agencies such as Afreximbank, and the Common Market for Eastern and Southern Africa (COMESA).
Bank of Agriculture and Afreximbank Sign Agreement at IATF2025 for US$1 Billion Financing Programme
The Bank of Agriculture (BOA), represented by its Managing Director/Chief Executive Officer, Ayo Sotinrin, has signed a landmark deal with African Export-Import Bank (Afreximbank), represented by the Executive Vice President for Intra-African Trade and Export Development, Mrs. Kanayo Awani. The agreement was finalised during the recently concluded and highly successful Intra-African Trade Fair (IATF) 2025 in Algiers, Algeria.
Under the agreement, BOA and Afreximbank will work together to mobilise up to US$1 billion for direct financial support for smallholder farmers and the entire agricultural value chain, from primary production to market, in Nigeria.
The partnership follows the approval granted by President Bola Ahmed Tinubu, GCFR, for the establishment of a National Food Security Fund, which will be a revolving matching fund in partnership with State Governments, called “The National Smallholder Farmers Fund”, and designed to close the systemic financial gap faced by Nigeria’s smallholder farmers by providing access to affordable credit for critical inputs, mechanisation, and structured market linkages.
By equipping farmers with access to capital and mechanisation equipment, the fund will enable increased productivity, value addition through processing, and stronger integration into national and continental markets. The importance of the partnership cannot be overstated. Nigeria’s smallholder farmers are responsible for over 90% of the nation’s agricultural output, yet struggle with inadequate access to finance, poor adoption of improved technologies and fragmented market access.
Speaking at the signing, Ayo Sotinrin noted that the deal is a strategic intervention designed to secure Nigeria’s agricultural future. “This is more than just a fund; it is a bold commitment to ensuring our nation’s food security,” he said. “By joining forces with Afreximbank, we are unlocking opportunities for smallholder farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”
Commenting on the deal, Kanayo Awani, Executive Vice President, Intra-Africa Trade and Export Development at Afreximbank, said: “Smallholder farmers are an essential part of the agricultural value chain and represent important contributors to the growth of the agro-industry sector. By partnering with BOA to support the National Smallholder Farmers Fund, Afreximbank is supporting BOA to deliver greater impact in Nigeria’s quest for food security and economic development. The Fund will provide critical liquidity and assuage the hardship faced by the smallholder farmers by extending crucial financing access to the previously underserved group.”
The Collaboration Agreement establishes a framework for exploring: (i) Guarantee mechanisms whereby Afreximbank would provide guarantees for loans disbursed by BOA, thus reducing credit risk and extending financing access to previously underserved smallholder farmers; and (ii) Currency swap arrangements to enable dollar denominated funding from Afreximbank to be efficiently converted to local currency for on-ward lending to the farmers by BOA. By implementing this mechanism, the partnership will facilitate easier access to international capital markets, while shielding smallholder farmers from the risks associated with exchange rate fluctuations. This landmark agreement between the Bank of Agriculture and Afreximbank aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR. Under his leadership, and with the unwavering support of the Federal Government, this partnership stands as a bold step towards accelerating the empowerment of Nigeria’s smallholder farmers and achieving national food sovereignty.
The just ended fourth Intra-African Trade Fair (IATF2025) was a huge success, exceeding all its targets. The event drew over 112,000 participants, both in person and online, and generated more than US$48 billion in trade deals. It featured over 2,100 exhibitors and was attended by 20 Heads of State and Government representatives, along with several ministers and other senior government officials, captains of industry and other participants from 132 countries across the world.
