Africa’s Digital Economy to Hit $712 Billion by 2035 as Intra-African Trade Gains Momentum ~ Wamkele Mene

Africa’s digital economy is on track to exceed $712 billion by 2035, driven by AfCFTA reforms, PAPSS innovations, and Afreximbank investments. Nigeria leads the shift to intra-African trade. According to insights shared at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) held in Abuja, Nigeria. The continent’s economic transformation is accelerating, driven by regional integration efforts and African-led trade solutions.

H.E. Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, addressed delegates at the event, stating that Africa’s economic future is no longer a distant vision but a reality in motion. He noted that Nigeria, the continent’s largest economy, now sends the majority of its exports to African markets, marking a clear shift toward intra-African trade and regional self-reliance.

At the center of this momentum is Afreximbank, which is actively supporting trade-enabling reforms and infrastructure through several key initiatives. The Pan-African Payment and Settlement System (PAPSS) is facilitating cross-border trade in local currencies, with projected savings of up to $5 billion annually in currency convertibility costs. Additionally, the AfCFTA Adjustment Fund, which has been seeded with $1 billion as part of a $10 billion target, is assisting member states in implementing the AfCFTA’s legal and structural protocols.

Afreximbank is also supporting the continent’s industrial growth through a $1 billion facility aimed at scaling Africa’s automotive industry, from parts manufacturing to full vehicle assembly. These programs mark the beginning of a new era where Africa is building and owning its economic systems,” he said. “We are transitioning from aspirations to implementation.”

Wamkele Mene emphasized that Africa is now building a functional, rules-based trading system grounded in legally binding protocols and African institutions. He said that through the AfCFTA and the bold interventions of Afreximbank, the continent is taking significant steps toward realizing the vision of a connected, prosperous, and self-sustaining Africa.

“Today, through the AfCFTA and Afreximbank’s bold interventions, we are taking giant steps to realise the vision of our founding mothers and fathers, an integrated, prosperous Africa,” said Mene.

The 32nd Afreximbank Annual Meetings convened leaders from across the public and private sectors, including heads of state, ministers, trade experts, and development partners, to evaluate progress and align on strategies for economic growth under the AfCFTA framework.