Turn Global Crisis to Opportunity, Afreximbank Tells Africa

By Oluwakemi Kindness

The African Export-Import Bank (Afreximbank) has called on African nations to seize the moment and transform global financial and geopolitical instability into a catalyst for continental self-reliance, industrialization, and reform.

This is the core message from the African Trade Report 2025 and Economic outlook report launched at the Afreximbank Annual Meetings (AAM2025) in Abuja on Wednesday.”

It adds that despite headwinds of rising geopolitical tensions, new protectionist trade policies, and economic uncertainty, the continent’s trade is showing remarkable signs of resilience and rebirth.

Speaking before the launch, Afreximbank’s Group Chief Economist and Managing Director of Research, Dr. Yemi Kale, said intra-African trade grew by 12.4% in 2024 to reach US$220.3 billion, rebounding strongly from a 5.9% contraction in 2023.

He noted that Africa’s total merchandise trade surged by 13.9% in 2024 to US$1.5 trillion, recovering from a 5.4% dip the previous year.

However, Dr. kale said the continent still accounts for just 3.3% of global exports, underlining the urgent need to move beyond raw commodity exports and pursue industrial value chains.

To close the estimated US$100 billion trade finance gap, the report advocates for stronger access to capital and institutional investment, including tapping Africa’s pension and sovereign wealth funds.

In addition, the report offers practical guidance on making trade rules and regulations more consistent across countries.

This includes ensuring a fairer share of global financial resources, such as Special Drawing Rights, an international reserve currency created by the IMF and increasing access to climate finance.

It also calls for changes in credit ratings to better reflect the strength and potential of African economies.

As Africa faces a rapidly changing global environment, the report offers more than just analysis. It provides a clear and practical plan for building a stronger, fairer, and more resilient African economy, driven from within the continent.