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 Kestér Kenn Klomegâh
Africa stands at the cusp of a transformative digital revolution. With the expansion of mobile connectivity, internet penetration, digital platforms, and financial technology, the continent’s digital economy is poised to become a significant driver of sustainable development, intra-Africa trade, job creation, and economic inclusion.
The African Union’s Agenda 2063, particularly Aspiration 1 (a prosperous Africa based on inclusive growth and sustainable development), highlights the importance of leveraging technology and innovation. The implementation of the African Continental Free Trade Area (AfCFTA) has opened a new chapter in market integration, creating opportunities to unlock the full potential of the digital economy across all sectors.
Despite remarkable progress, challenges persist. These include limited digital infrastructure, disparities in digital literacy, fragmented regulatory frameworks, inadequate access to financing for tech-based enterprises, and gender gaps in digital participation. Moreover, Africa must assert its digital sovereignty, build local data ecosystems, and secure cyber-infrastructure to thrive in a rapidly changing global digital landscape.
Against this backdrop, the 16th African Union Private Sector Forum provides a timely platform to explore and shape actionable strategies for harnessing Africa’s digital economy to accelerate intra-Africa trade and sustainable development.
The 16th High-Level AU Private Sector forum is set to take place in Djibouti, from the 14 to 16 December 2025, under the theme “Harnessing Africa’s Digital Economy and Innovation for Accelerating Intra-Africa Trade and Sustainable Development”
The three-day Forum will feature high-level plenaries, expert panels, breakout sessions, and networking opportunities. Each day will spotlight a core pillar of Africa’s digital transformation journey.
Day 1: Digital Economy and Trade Integration in Africa
Focus: Leveraging digital platforms and technologies to enhance trade integration and competitiveness under AfCFTA.
Day 2: Innovation, Fintech, and the Future of African Economies
Focus: Driving economic inclusion through fintech, innovation ecosystems, and youth entrepreneurship.
Day 3: Building Policy, Regulatory Frameworks, and Partnerships for Digital Growth
Focus: Creating an enabling environment for digital innovation and infrastructure through effective policy, governance, and partnerships.
To foster strategic dialogue and action-oriented collaboration among key stakeholders in Africa’s digital ecosystem, with the goal of leveraging digital economy and innovation to boost intra-Africa trade, accelerate economic transformation, and support inclusive, sustainable development.
* Promote Digital Trade: Identify mechanisms and policy actions to enable seamless cross-border digital commerce and integration under AfCFTA.
* Foster Innovation and Fintech: Advance inclusive fintech ecosystems and support innovation-driven entrepreneurship, especially among youth and women.
* Policy and Regulatory Harmonization: Build consensus on regional and continental digital regulatory frameworks to foster trust, security, and interoperability.
* Encourage Investment and Public-Private Partnerships: Strengthen collaboration between governments, private sector, and development partners to invest in digital infrastructure, R&D, and skills development.
* Advance Digital Inclusion and Sustainability: Ensure that digital transformation contributes to environmental sustainability and the empowerment of marginalized communities.
The AU Private Sector Forum has held several forums, with key recommendations. These recommendations provide valuable insights into the challenges and opportunities facing the African private sector and offer guidance for policymakers on how to support its growth and development.
By Kestér Kenn Klomegâh
Lukoil, Russia’s energy giant, has seriously lost its grounds across Africa, due to United States sanctions. Sanctions have complicated the company’s potential continuity in operating its largest oil field projects, grappling its investment particularly in Republic of Ghana, Democratic Republic of Congo, and Federal Republic of Nigeria.
Reports indicated the sanctions are further dismantling most of Lukoil’s operations, causing significant staff layoffs in its offices worldwide. For instance, Lukoil’s significant upstream operations in the Middle East include a 75% stake in Iraq’s West Qurna 2 oilfield and a 60% stake in Iraq’s Block 10 development. In Egypt, the company holds stakes in various oilfields alongside local partners.
Lukoil has until December 13, 2025, to negotiate the sale of most of its international assets, including those in Asia, Africa and Latin America. It has already terminated several important agreements that were signed with international partners due to difficulties in circumventing the sanctions.
Reports said calculated efforts to diversify exploration business relations is turning extremely complex, and current at the cross-roads, Lukoil will have to ultimately give up existing contracts and agreements it had signed with external countries.
Lukoil’s website reports also pointed to reasons for abandoning oil and gas exploration and drilling project that it began in Sierra Leone. According to those reports, Lukoil could withdraw from almost all of the projects in West Africa.
In addition to geopolitical sanctions, technical and geographical hitches, Lukoil noted on its website, an additional obstacles that “the African leadership and government policies always pose serious problems to operations in the region.” Similarly, the Kremlin-controlled Rosneft abandoned its interest in the southern Africa oil pipeline construction, negatively impacted on Angola, Mozambique, South Africa and Zimbabwe.
United States sanctions has hit Lukoil, one of the Russia’s biggest oil companies, like many other Russian companies, that has had a long history shuttling forth and back with declaration of business intentions or mere interests in tapping into oil and gas resources in Africa.
By Kestér Kenn Klomegâh
In New Delhi, President Vladimir Putin, alongside Editor-in-Chief of Russia Today, Margarita Simonyan, took part in the launch ceremony of the RT India TV channel. The TV channel will operate from a new studio complex in New Delhi, marking a new dimension in the bilateral media sphere.
Editor-in-Chief of Russia Today, Margarita Simonyan, indicated that the collaboration, naturally, points to India’s hospitality, affirming that this endeavour was not only worthwhile but long overdue.
Vladimir Putin, officially, launching the TV studio, also emphasized that the Russia Today channel in India, RT India, grants millions of Indian citizens clearer, more direct access into insights about contemporary Russia – the realities, aspirations, and perspectives. He reiterated the existing traditional friendship, and the ties between the Indian and Russian peoples go much deeper into the past; which rests on a solid historical foundation. And at the core of relationship lies mutual interest.
Russia Today is a source of truthful and reliable information, focused on serving the interests of its viewers and listeners. Its main mission is merely to promote Russia, its culture, and its positions on domestic and international issues. Above all, Russia Today strives to convey truthful information about the country and about what is happening in the world. This is the absolute value of Russia Today.
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