The Manager of Intra-African Trade Finance at the Africa Export-Import Bank (Afreximbank), Gerald Nsomba, has said the Intra-African Trade Fair (IATF) set to hold in Egypt next month will generate about $25 billion in business deals.
Nsomba disclosed this during his presentation at the 9th Trade Ministers Forum of West African Monetary Zone (WAMZ) in Abuja on Thursday. According to Nsomba, whose presentation was titled: Introduction to the African Trade, the trade fair will attract 32 African countries and 1,080 businesses.
“The 32 countries that have confirmed their participation have started mounting stands at the venue in Cairo, while another 16 countries are finalising their arrangement to participate,” he said. “The event will bring together no fewer than 70,000 visitors comprising buyers, sellers and investors.”
According to Afreximbank's analysis, one of the main reasons intra-African trade is low at around 15 per cent is the lack of access to trade and market information. Hence, Afreximbank has decided to convene the IATF every two years to provide trade and market information and connect buyers and sellers from across the continent.
“The trade fair will lead to industrialisation of production system in Africa and also give rise to vertical trading chains,” Nsomba said at the trade ministers’ forum, themed: Harnessing Intra-West Africa Monetary Zone Trade Potential through Value Addition and Diversification.
The News Agency of Nigeria reported that the WAMZ forum, which brought together representatives from various countries in West Africa, will be presenting their resolutions to the Trade Ministers on Friday. The conference is hosted by the Federal Ministry of Industry, Trade and Investment of Nigeria in collaboration with the West African Monetary Institute.