Latest news with #HumphreyNwugo
IOL News
18-06-2025
- Business
- IOL News
South Africa's role in the African Continental Free Trade Area: opportunities ahead
The Intra-Africa Trade Fair Roadshow that was held in Johannesburg recently. Image: Afreximbank South Africa is set to leverage the African Continental Free Trade Area (AfCFTA), reaffirming its commitment to harness its immense potential for driving local business growth and enhancing regional integration. This sentiment was echoed by Humphrey Nwugo, the Regional Director (Southern Africa) at Afreximbank, during the opening of the IATF2025 South Africa Business Roadshow in Johannesburg, where he urged the nation to spring into action. Nwugo said, 'This is the time for South Africa's public and private sectors to be strategically positioned to seize the immense opportunities that IATF2025 will present,' emphasising the need for immediate and decisive engagement. The Intra-African Trade Fair (IATF2025), scheduled to take place in Algiers from 4–10 September 2025, is anticipated to be a landmark event—providing a gateway to unprecedented trade and investment opportunities across the continent. Nwugo further outlined South Africa's integral role in African integration, praising its robust economic foundations, entrepreneurial dynamism, and institutional capacity, which place it in a prime position to entwine itself within African value chains. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading Speaking on the event's significance, Wamkele Mene, Secretary General of the AfCFTA Secretariat, pointed to the pressing need for IATF2025 amid a backdrop of global instability and dynamic trade landscapes. 'Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent.' Mene underscored the urgency of cultivating regional value chains in sectors such as automotive and agribusiness, where there is considerable scope for fostering inclusive growth. Sihle Zikalala, deputy minister of Public Works and Infrastructure, said South Africa's participation in the AfCFTA represents a historic opportunity to weave stronger economic ties with neighbouring nations. 'We view the AfCFTA as a catalyst for expanding market access for our goods and services while nurturing inclusive, job-rich growth,' Zikalala said. At the heart of this discourse was a vision that IATF2025 should transcend its role as merely a marketplace, transforming instead into a strategic tool for bolstering policy and practical integration. Zikalala said, 'through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies.' Over 350 business leaders, policymakers, and investors convened at the Roadshow, contextualised under the theme: 'Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA.' The event's agenda spotlighted strategies focused on enhancing resilient supply chains while amplifying intra-African trade—a critical element for unlocking tailored industrial opportunities across the continent. According to the South African Revenue Service (SARS) and UN COMTRADE, South Africa's robust trade activities recorded merchandise exports worth $110.5 billion against imports of $113.2 billion in 2023. Despite a modest trade deficit of $2.7 billion, trade constituted 65.7% of GDP, illuminating South Africa's deep-rooted integration within global markets. Afreximbank's 2024 African Trade Report highlighted that South Africa exported $29.6 billion to African partners while importing $9.6 billion, with intra-African exports making up 26.8% of the total exports.
Zawya
17-06-2025
- Business
- Zawya
South Africa Accelerates Drive to Expand Intra-African Trade through African Continental Free Trade Area (AfCFTA)
South Africa has reaffirmed its commitment to harnessing the African Continental Free Trade Area (AfCFTA) to unlock new growth opportunities for local businesses and strengthen regional integration. Opening the IATF2025 South Africa Business Roadshow in Johannesburg, Mr. Humphrey Nwugo, Regional Director (Southern Africa) at Afreximbank ( emphasised the urgency of mobilising concrete action. 'This is the time to ensure that South Africa's public and private sectors are not only present but strategically positioned to seize the immense opportunities that IATF2025 will present.' Mr. Nwugo underscored South Africa's pivotal role in the continent's integration journey, citing its strong economic foundations, entrepreneurial energy, and institutional capacity - well positioned to integrate into African value chains. 'We are here to invite South Africa to lead. We want to see the country's private sector on full display in Algiers,' he added. The Intra-African Trade Fair (IATF2025), set to take place in Algiers from 4–10 September 2025, is poised to be a landmark market event and gateway to unprecedented trade and investment prospects across Africa. E. Wamkele Mene, Secretary General of the AfCFTA Secretariat, highlighted the critical importance of IATF2025, taking place amid global instability, climate change, and shifting trade dynamics. 'Despite these headwinds, Africa has the capacity to navigate the challenges, accelerate industrial development, and realise the vision of a fully integrated continent,' he said. He stressed the urgency of building regional value chains in sectors like automotive and agribusiness, which offer vast potential for inclusive growth. Strengthening these interconnected ecosystems will support technology transfer, diversify intra-African trade, and create new opportunities for small and medium enterprises across the continent. Speaking at the event, the Honourable Sihle Zikalala, Deputy Minister of Public Works and Infrastructure, noted South Africa's strong positioning to drive industrialisation, innovation, and regional value chain development. 'South Africa views the AfCFTA as a historic opportunity to deepen economic ties with our neighbours, expand market access for our goods and services, and promote inclusive, job-rich growth,' said Minister Zikalala. 'The IATF2025 must be viewed as more than just a marketplace, and rather as a strategic tool for implementation, where policy meets practice. South Africa has a critical role to play in driving this vision, underpinned by entrepreneurial spirit, institutional strength, and a dynamic SMME ecosystem. Through partnerships and public-private collaboration, we can develop world-class infrastructure across Africa while reducing our reliance on foreign exchange by trading in our own currencies,' he added. H.E Ms. Baleka Mbete, founder NaLHISA and former Deputy President of the Republic of South Africa was also in attendance. The Roadshow convened over 350 business leaders, policymakers, creatives, and investors, as well as senior representatives from African Export-Import Bank (Afreximbank), the African Union Commission (AUC), and the AfCFTA Secretariat. Themed "Harnessing Regional and Continental Value Chains: Accelerating Africa's Industrialisation and Global Competitiveness under the AfCFTA," the event spotlighted strategies to build resilient supply chains and boost intra-African trade. Accelerating intra-African trade is pivotal to unlocking industrial opportunities tailored to the continent's strengths. It reduces dependence on external markets, builds economic resilience, and enables value addition within Africa. When African nations trade more with one another, they retain more wealth, create higher-quality jobs, and foster inclusive growth through regional value chains. With the AfCFTA creating a single market of 1.4 billion people, Africa gains the scale and efficiency needed to compete globally. A stronger internal market also improves the continent's bargaining power in international negotiations, strengthens its integration into global supply chains, and sets the stage for long-term economic transformation. South Africa's strong industrial base, advanced financial sector, and world-class infrastructure position it as a regional anchor for AfCFTA implementation. According to South African Revenue Service (SARS) and UN COMTRADE, South Africa recorded merchandise exports of $110.5 billion and imports of $113.2 billion in 2023, resulting in a modest trade deficit of $2.7 billion. Trade made up 65.7% of GDP (World Bank, 2023), demonstrating South Africa's deep integration into global markets. Notably, intra-African trade remained a national strength. As reported in Afreximbank's 2024 African Trade Report, South Africa exported $29.6 billion and imported $9.6 billion from African partners, with intra-African exports comprising 26.8% of total exports. Key sectors such as automotive, agro-processing, and financial services are already benefiting and poised to grow further through regional integration and value chain expansion. Dr. Gainmore Zanamwe, Director, Trade Facilitation and Investment Promotion, Afreximbank, highlighted ongoing efforts to enable seamless intro-Africa trade: 'Afreximbank is deeply committed to unlocking Africa's industrial and trade potential by building enabling ecosystems from financing to infrastructure and standards. Through platforms like the Africa Trade Gateway and Pan-African Payment and Settlement System (PAPSS), we are removing long-standing barriers to intra-African trade, allowing businesses to transact in local currencies and access real-time market intelligence.' Dr. Zanamwe also emphasised the growing role of South Africa and Algeria in regional value chains, especially in manufacturing and automotive sectors. He encouraged South African companies to participate actively in IATF2025, pointing to over $13 billion in EPC (Engineering, Procurement and Construction) contracts facilitated by Afreximbank. He also highlighted funding vehicles such as the Fund for Export Development in Africa (FEDA), the Africa Direct Investment Initiative, and the $2 billion Export Agriculture for Food Security programme. 'IATF2025 is not just an exhibition - it's a business gateway. With 2,000+ exhibitors, 35,000 visitors, and 140+ participating countries, we project over $44 billion in trade and investment deals. This is South Africa's opportunity to lead,' he said. In closing, H.E. Ambassador Ali Achoui, Algeria's Ambassador to South Africa, extended a warm invitation to South African businesses: 'Welcome to Algeria - a country with the third-largest GDP in Africa, no external debt, and ranked first in Africa and the Arab world in achieving the United Nations Sustainable Development Goals. We are proud to host IATF2025 and are committed to facilitating streamlined visa processes by reducing documentation requirements to ease access for all African participants.' Since 2018, IATF has secured more than $100 billion in trade deals, welcomed over 70,000 visitors, more than 4500 exhibitors and has become Africa's most influential trade and investment platform. The event will feature: A trade exhibition The Creative Africa Nexus (CANEX) showcase of fashion, music, film, sports, gastronomy, arts and craft, and literature A four-day Trade and Investment Forum The Africa Automotive Show Special Country Days and Global Africa Day celebrations B2B and B2G matchmaking The AU Youth Start-Up programme The Africa Research&Innovation Hub AfSNET to promote sub-national trade and cultural exchange IATF virtual. To register for IATF2025 or learn more, please visit: Distributed by APO Group on behalf of Afreximbank. Media Contact: media@ press@ About the Intra-African Trade Fair: Organised by the African Export-Import Bank (Afreximbank), in collaboration with the African Union Commission (AUC) and the AfCFTA Secretariat, the Intra-African Trade Fair (IATF) is designed to boost intra-African trade and investment. It provides a unique platform for businesses to connect, exchange trade and market information, and explore opportunities to scale across Africa. IATF is open to African and global companies committed to supporting the continent's industrialisation and transformation. About The Johannesburg Tourism Company (JTC): JTC, the official sponsor of the IATF2025 South Africa Business Roadshow, is focused on promoting Johannesburg as a business and leisure destination and often supports various events within the city.
