Africa is home to some of the world's fastest-growing economies, abundant natural resources, and a youthful demographic dividend. Despite its immense potential, unlocking trade and investment opportunities remains a key challenge.
UNCTAD’s World Investment Report 2024 highlighted that foreign direct investment (FDI) flows to Africa declined by 3% to $53 billion from the record $80 billion set in 2021. This accounted for 4% of global FDI.
Intra-African trade increased by 7.2% in 2023, reaching $192 billion, according to a report released by the African Export-Import Bank (Afreximbank) in June 2024. The report, titled “African Trade Report 2024: Climate Implications of the AfCFTA Implementation,” highlighted that intra-regional trade accounted for 15% of Africa’s total trade last year, up from 13.6% in 2022.
However, this increase reveals major disparities between the continent’s sub-regions. With 41.4%, Southern Africa remains the main driver of trade between African countries, compared with 25.7% for West Africa, 14.1% for East Africa, 12.4% for North Africa and 6.6% for Central Africa.
The report also noted a 6.3% decrease in the overall value of Africa’s intra-regional and extra-regional trade in 2023, totaling approximately $1.3 trillion. This decline was attributed to several factors, including persistent high interest rates, and economic slowdowns in China and other developed nations.
Despite the above statistics, the impact of trade is significant: if Africa could boost its share of global trade from 2% to 3%, it would generate an additional $70 billion in income each year.
This event will focus on exploring and maximizing trade and investment opportunities in Africa, fostering sustainable economic growth, and driving inclusive development.
In partnership with
Introductory Remarks
Partner, Africa | Control Risks
Moderator
Director | Kenbright
Speakers
Managing Principal Corporate and Investment Banking | Absa Bank Kenya
Chief Executive Officer | TRIFIC SEZ
Deputy Country Manager, Kenya | Mitsui & Co.