World
AfCFTA to Increase Africa’s Export by $560bn—Mene
By Adedapo Adesanya
The African Continental Free Trade Area (AfCFTA) has the potential to increase Africa’s export by $560 billion, mostly in the manufacturing sector.
This was the view of Mr Wamkele Mene, the Secretary-General of AfCFTA at the Africa Special Day hosted by the Lagos Chamber of Commerce and Industry (LCCI) at the ongoing Lagos International Trade Fair (LITF) in Lagos.
He said that the manufacturing sector was exactly what Africa needed for transformative production capacity to take place, noting that intra-Africa exports are projected to increase by 81 per cent, while the AfCFTA may generate combined business spending of $600 trillion by 2030.
He said: “The AfCFTA could not have come at a better time, currently as evident by several reports, the continent accounts for just two per cent of global trade and less than three per cent of global output.
“Intra-African exports are less than 18 per cent compared to 59 per cent for Asia and almost 70 per cent for Europe.
“The AfCFTA presents the potential for market expansions supported by value addition from manufacturing across the African continent.
“AfCFTA offers West Africa the opportunity to expand to new dynamic markets in East Africa, Southern and North Africa.”
Mr Mene explained that the AfCFTA would create the largest free trade area in the world, connecting 1.3 billion people across 55 countries with a combined Gross Domestic Product (GDP) of close to $3.4 trillion.
He also explained that the AfCFTA would address some of the bottlenecks in intra-Africa trade.
“The AfCFTA is to reduce cost and integrate further into global supply chains, establishing regional value chains and richer supply chains.
“By the 13th year, we will be eliminating 97 per cent of goods traded in Africa, eliminate long-term barriers, which for so long limited Africa’s ability to boost intra-Africa trade, simplifying household procedures and facilitating trade across borders and beyond.
“AfCFTA will address the movement of business persons, investment projections and intellectual property owners.
“A report by the World Bank showed that the AfCFTA can boost the regional income by 7 per cent and lift 30 million Africans from extreme poverty and 70 million Africans out of moderate poverty by the year 2035,” he said.
He also spoke on Nigeria’s contributions to the implementation of the AfCFTA as Africa’s largest economy.
Mr Mene said that the Micro Small and Medium Enterprises (MSMEs) had been the drivers of intra-African trade and highlighted the roles of the private sector in the successful implementation of the AfCFTA.
The President of the LCCI, Mrs Toki Magbogunje, on her part, said that Africa Day was to showcase Africa’s potential in natural resources, rich culture, large market among others.
Mr Magbogunje said that LCCI believed that intra-African trade, networking, capacity building, and technology transfer are critical to facilitating the integration of African economies, highlighting the benefits of the African Hub Initiative.
“No doubt, AfCFTA has the potential to accelerate the socio-economic development of the African continent.
“We are of the firm belief that a well-implemented AfCFTA will stimulate economic growth through linkage opportunities in trade, commerce, and industry to generate job opportunities, and help to facilitate the economic diversification of African economies.
“Estimations by the United Nations Economic Commission for Africa (UNECA) revealed that AfCFTA can expand Africa’s manufacturing output to $930 billion by 2025, from $500 billion in 2019.
“The Brookings Institution sees Africa’s economic size rising to $6.7 trillion by 2030 from $3.4 billion in 2019 on the back of a well-implemented AfCFTA,” she said.
Mrs Magbogunje, however, called for urgent attention to address some issues surrounding the AfCFTA which include the establishment of special economic zones; rules around the rules of origin; creating value addition, conclude pending negotiations among others.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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