Africa exports expected to hit USD1 trillion by 2035, according to new report

By 2035, Africa exports are set to experience a remarkable surge, approaching nearly USD1 trillion. The driving force behind this economic milestone is the African Continental Free Trade Area (AfCFTA), a collaborative effort encompassing 54 markets, poised to augment exports by an additional 29 per cent.

According to the Future of Trade 2023 report, robust intra-regional trade growth is anticipated for West and East Africa. West Africa, in particular, presents significant potential for the establishment of value chains, especially in agricultural products like shea butter and cocoa beans. Initiatives such as the West Africa Regional Communications Infrastructure Project are expected to enhance connectivity, facilitating increased trade activities.

In East Africa, extensive cross-border infrastructure projects like the Lapsset Corridor Project, linking Ethiopia, Kenya, and South Sudan, are anticipated to fuel substantial trade growth in the coming decades.

Despite their current size, the West Africa-Central Africa (WA-CA) and the East Africa-Central Africa corridors (EA-CA) are projected to experience double-digit export growth until 2035. Notably, the WA-CA corridor is expected to thrive due to robust trade between Nigeria and Cameroon.

Source: Business Insider