AfCFTA boss calls for increased investment in Africa’s industrialization, infrastructure efforts

The Secretary General of the African Continental Free Trade Area (AfCFTA), Mr. Wamkele Mene, has called on African leaders and investors to prioritize investment in industrialization and infrastructure development to drive economic growth and sustainable development across the continent.

Speaking at the opening of the 2024 Africa Investment Forum, Mr. Mene emphasized the need for Africa to harness its resources and build interconnected business corridors to facilitate the movement of goods and services.

He highlighted the AfCFTA’s goal of promoting industrial development, diversification, and regional value chain enhancement, and called for increased investment in key sectors such as agriculture and agro-processing, automotive, pharmaceuticals, and transport and logistics.

Mr. Mene also emphasized the importance of empowering women and youth, and promoting digital trade and entrepreneurship to drive Africa’s economic transformation.

The AfCFTA, which came into effect in January 2021, aims to create a single market for goods and services across Africa, and has the potential to increase intra-African trade by 52% by 2025, creating millions of jobs and boosting the continent’s GDP.