Intra-African trade reached $220.3 billion in 2024, marking a 12.4% increase from the previous year’s $196.04 billion, according to Afreximbank’s African Trade Report. This growth was driven by stronger economic performance in countries like South Africa, Nigeria, and Congo.
- South Africa remained the continent’s leading intra-African trading country with $42.14 billion—almost 20% of total trade within Africa.
- Nigeria followed with $18.43 billion, reflecting a significant jump from $8.1 billion in 2023. Its export growth was bolstered by refined oil and manufactured goods.
- Other key players included Congo ($11.36B), Mali ($9.31B), Egypt ($9.01B), and Côte d’Ivoire ($8.46B).
Nigeria’s increased trade ties were largely attributed to the Dangote Refinery, which began supplying refined petroleum products to countries like Cameroon.
Dr. Yemi Kale, Afreximbank’s Group Chief Economist, noted that despite economic challenges like inflation and debt, intra-African trade rebounded strongly highlighting the early benefits of the AfCFTA. He emphasized that Africa’s 3.3% share in global exports shows the urgent need to move beyond raw commodities and invest in industrialization and regional value chains.