Intra-African trade grew by 12.4% to reach $220.3 billion in 2024, up from $196.04 billion in 2023, according to the African Trade Report by the African Export-Import Bank (Afreximbank). The growth is largely credited to stronger economic performance in countries like South Africa, Nigeria, and Congo.
South Africa remained the continent’s top trading country within Africa, contributing $42.14 billion—almost one-fifth of the total trade figure. Nigeria followed with $18.43 billion, driven by refined oil and manufactured goods. Congo recorded $11.36 billion, Mali $9.31 billion, Egypt $9.01 billion, and Côte d’Ivoire $8.46 billion.
Nigeria alone made up 8.4% of intra-African trade. Its trade volume more than doubled from $8.1 billion in 2023 to $18.4 billion in 2024. While crude oil stayed the country’s top export, refined petroleum products gained momentum after the Dangote Refinery began operations. With a daily capacity of 650,000 barrels, the refinery started supplying products to Cameroon and nearby countries.
Dr. Yemi Kale, Afreximbank’s Group Chief Economist, highlighted that the trade boost came despite global economic challenges. He linked the rise to benefits from the African Continental Free Trade Area (AfCFTA), noting that total merchandise trade in Africa rose by 13.9% to $1.5 trillion in 2024, after falling by 5.4% the previous year.
However, Africa still accounts for just 3.3% of global exports. The report emphasized the need for countries to move beyond raw materials and invest more in industrialisation to strengthen their role in global value chains and grow trade within the continent.
