Afreximbank to boost intra-African trade with new Nigeria-Namibia shipping route

THE African Export-Import Bank (Afreximbank) has announced that it will be establishing a new shipping route on the western coast of the continent among a plethora of measures aimed to facilitate the movements of goods between Namibia and Nigeria and boost intra-Africa trade.

- SIPHELELE DLUDLA

This comes as intra-African trade still remains very low at around 15% to 18% compared to nearly 70% in the European Union and around 50% in Asia.

Afreximbank's director for trade facilitation and investment promotion, Dr Gainmore Zanamwe, on Thursday said the continent was now in a good place to actually see a rapid increase in intra-African trade with the full operationalisation of the African Continental Free Trade Area Agreement (AfCFTA).

Zanamwe said the Afreximbank has been putting in place a number of interventions that are breaking the barriers that are affecting intra-African trade.