The potential of the African continent as a trading bloc is proceeding on the path to realisation. With the commencement of trading under the African Continental Free Trade Area (AfCFTA) in January 2021, the once crippling barriers to intra-African trade are finally being lifted, thanks in part to the Intra-African Trade Fair (IATF). While the AfCFTA provides a legal framework for creating a single African market, the IATF provides a sustainable platform for buyers and sellers, investors, and African countries, to connect, exchange trade, investment and market information and conclude business deals, thereby giving practical meaning to the AfCFTA.
“This market was years ahead in using drones and had the expertise I needed to foster growth in my business.”
Ndubisi Arinze Eze
founder of Aerial Industries
Powered by the African Import-Export Bank (Afreximbank), and in collaboration with the African Union (AU) and the AfCFTA Secretariat, the biennial showcase includes exhibitions, a trade and investment conference, business to business (B2B) and business to government (B2G) exchanges, the creative Africa Nexus (CANEX) programme, the automotive show and the youth start-up programme which puts a spotlight on the innovation and technological transformation of the continent. Hosted in Durban, South Africa between 15-21 November, it seeks to enable future growth unhampered by border restrictions or barriers at borders.
The fair invites exhibitors, buyers, conference delegates and thousands of visitors to exhibit the interconnectedness of African states while also providing an opportunity to bridge the gap on trade and market information. Intra-Africa trade is currently at just 16%, compared to 59% in Europe and 51% in Asia.
“The first edition of IATF in 2018 attracted over 2,500 conference delegates and over 1,000 exhibitors from 45 countries resulting in over $32 billion worth of trade and investment deals,” says Kanayo Awani, Managing Director of Afreximbank's Intra-African Trade initiative. “IATF is so special because it was at the 2018 edition of the Trade Fair that Afreximbank was mandated by a consortium of Egyptian contractors to act as a Global Coordinator and Financial Advisor to raise $720 million bundle of contracting guarantees for the largest Intra-African EPC contract in an amount of $2.9 billion which was signed between the Egyptian contractors and the Government of Tanzania in support of a dam in Tanzania.
Putting likeminded people together really works. One entrepreneur familiar with the power of networking is Ndubisi Arinze Eze, founder of Aerial Industries. He started his business in Nigeria and began expanding across the continent, taking his innovative solution across national borders. Combining his aviation background with drone technology to improve conditions for farmers, he found his booth at IATF2018 overwhelmed with interest – and not just from other African countries.
“Africa is projected to have the largest and youngest population of workers in the world within 30 years,”
Ndubisi Arinze Eze
founder of Aerial Industries
“I was fortunate to meet many visitors I would've never had a chance to otherwise,” he explains. “I was introduced to the Singapore Ministry of Manpower, giving me access to the farming community in South East Asia. This market was years ahead in using drones and had the expertise I needed to foster growth in my business.”
Speaking from his new base in Singapore, Eze is now preparing to expand his operations across Africa and Asia. He aims to reduce the contact farmworkers have with harmful agrochemicals to improve their working environments greatly.
“Aerial Industries is poised to revolutionize arable farming with a Nigerian product designed and manufactured mostly by African Engineers.”
Based on his personal experience, Eze urges start-up businesses to take a leap with the IATF. In his eyes, the future of the world depends on it. “Africa is projected to have the largest and youngest population of workers in the world within 30 years,” he says. “The continent's human capital, once equipped with the right skills, could potentially propel humanity to greater heights.”
Eze's success shows the value of a long-term investment in untapped potential and trade infrastructure. Afreximbank is driving this evolution of trade. Employing African digital technologies, the Bank aims to reduce the 110 borders that divide African states and provide a new promise for the continent's economic sustainability.
“It is an opportunity for people like Arinze to showcase their skills and talents, network and identify opportunities for converting their dreams into reality. We believe that there are many Arinzes out there waiting to be discovered,” says Awani.
“Differences in language, currencies and resources become enablers, not barriers, to trade and economic transformation.”
Kanayo Awani
Managing Director of Afreximbank's Intra-African Trade initiative
Primed for their most successful programme yet, the IATF has its sight set on Africa's economic expansion. The new foundations of Africa's economic strength have been laid by hosting business-to-business and business-to-government exchange platforms alongside its virtual and physical event.
IATF 2021 is expected to be bigger and better than the inaugural edition. It seeks to attract more than one thousand exhibitors, more than seven thousand visitors and buyers from Africa and the rest of the World and facilitate more than $40 Billion in trade and investment deals. The IATF will help businesses to recover from the pandemic and provides an opportunity for promoting the implementation of the AfCFTA and creating the Africa we want in line with the African Union Agenda 2063.
Afreximbank is powering trade across Africa and beyond.
