At the Africa Economic Summit 2024 in Abuja last week, African countries committed to increasing intra-continental trade from 14% to at least 50% by 2030 under the African Continental Free Trade Area (AfCFTA). The summit concluded with the release of a white paper outlining coordinated actions for governments and institutions to enhance Africa’s economy and tackle challenges, such as boosting the competitiveness of African companies and addressing security issues hindering growth.

Stakeholders emphasized the need for swift implementation of the AfCFTA to spur economic growth and remove barriers to its full adoption. Summit president Sam Ohuabunwa urged African leaders to embrace the concept of “One Africa! One Family! One Economy,” highlighting the opportunity to enhance the continent’s competitiveness.

Ohuabunwa also highlighted Africa’s low intercontinental trade and called for increased infrastructural development, an attractive investment climate, and greater private-public sector collaboration to boost productivity, create wealth, and reduce poverty.

Additional recommendations included adopting systems to de-risk agriculture and investing in digital transformation to drive economic development. The summit aimed to unite key stakeholders to generate new perspectives and stimulate strategic discussions on Africa’s economic challenges and policy priorities.