Monday, January 17, 2022

Nigeria, others seal $42.1 billion deals in ongoing African trade fair

The latest figures captured additional data submitted by trade promotion agencies of Algeria, Nigeria and South Africa.

• November 29, 2021
Intra-African Trade Fair 2021 (IATF 2021)
Intra-African Trade Fair 2021 (IATF 2021)

The IATF Advisory Council says $42.1 billion in trade and investment deals were reached at the second Intra-African Trade Fair (IATF 2021).

The latest figures captured additional data submitted by trade promotion agencies of Algeria, Nigeria and South Africa.

In a statement on Monday, organisers of the just-concluded seven-day Intra-Africa Trade Fair held in South Africa said the record $42.1 billion deals resulted from more than 500 business deals concluded during the weeklong event.

“This record value of trade and investment deals was the outcome of more than 500 business deals concluded during the rich and varied seven-day programme of business-to-business, business-to-government and government-to-government exchanges, exhibitions, trade and investment conference sessions,” said a joint statement by Afreximbank, AU and AFCTA.

It added, “As well as other verticals, such as the Creative Africa Nexus (CANEX) programme, the IATF Automotive Show and the African Union’s Youth Start-Up programme.”  

Speaking after the trade fair, former Nigerian president and chairman of the IATF 2021 council, Olusegun Obasanjo, said the event had started building bridges for a successful AfCFTA.

“We have effectively begun the process of building bridges for a successful AfCFTA, less than a year after the commencement of trade under this agreement,” Mr Obasanjo said

According to Benedict Oramah, the Afreximbank president, the success of IATF 2021 was proof that intra-African trade is taking root on the platform of the AFCFTA.

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