The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has underscored the pivotal role of intra-African trade in ensuring the long-term growth and integration of the continent.
Speaking at the launch of Africa 2063: Creating the Future We Want, a book honouring the late Osaze Osifo, a revered investment executive and advocate for African development, Mr. Edun highlighted the urgent need for a transformation in Africa’s trade landscape. The book, dedicated to Osifo, who passed away in 2012, was launched in Lagos.
During his speech, the Minister pointed out that intra-African trade currently constitutes a meager 10% of the continent’s total trade. He emphasized that unlocking Africa’s vast market — which spans 1.3 billion people — requires significant improvements in logistics, transport infrastructure, and payment systems.
“Improving logistics, transport links, and payment systems is essential to unlocking the promise of our 1.3 billion-person market,” he stated, stressing the need for targeted reforms to maximize the continent’s economic potential.
The Minister also paid tribute to Osifo, describing him as a visionary with rare intellect and an unwavering commitment to practical development. He commended Osifo’s legacy, which continues to inspire initiatives focused on inclusive growth and a private sector-driven transformation.
Mr. Edun reaffirmed the government’s commitment to fostering an investment-friendly environment, citing a recent successful infrastructure deal that passed an international value-for-money audit. This achievement, he said, was a strong testament to the growing confidence investors have in Nigeria’s reform trajectory.
As Africa faces new economic opportunities and challenges, the Minister’s call for enhanced intra-African trade resonates deeply. By collectively addressing the barriers hindering trade, Africa can unlock new avenues for economic growth and integration.