AfCFTA Targets $250 Billion Trade by 2026 in Lagos

Wamkele Mene, the Secretary-General of the African Continental Free Trade Area (AfCFTA), announced that the continent aims to achieve an annual intra-African trade volume of $250 billion by 2026, up from a record $220 billion in 2025. Speaking at the Lagos 3.0 Conference in Victoria Island, Lagos, on Tuesday, Mene praised the Lagos State government for its role in transforming the city into a central hub for Africa's industrialization and digital innovation.

He emphasized that 50 African countries are currently implementing the AfCFTA agreement, which aims to strengthen economic integration across the continent. Mene identified high trade finance costs, inadequate transport infrastructure, and logistical bottlenecks as major barriers to trade growth.

He also called for the wider adoption of visa-free policies to facilitate easier movement for entrepreneurs and investors. Lagos was noted as a leading fintech hub, with projections indicating that Africa's digital economy could reach $712 billion by 2035.

Governor Babajide Sanwo-Olu commended local and international investors for their commitment to the state's growth.