ABUJA, Federal Capital Territory, Nigeria – The President and Chairman of the Board of Directors of the African Export-Import Bank, Dr George Elombi, has said implementation of the African Continental Free Trade Area is progressing faster than many people realise.
Dr Elombi spoke during Afreximbank’s Mid-Year Media Roundtable in Abuja, where he said much of the work required to make the continental market function is taking place through institutions, payment systems, border infrastructure and harmonised trade standards.
Okay News reports that Dr Elombi said the success of AfCFTA would depend not only on political commitments, but also on practical systems that allow African businesses to move goods, receive payments and access markets across borders.
He said the Pan-African Payment and Settlement System, known as PAPSS, remains one of the major tools needed to reduce reliance on foreign currencies in intra-African trade.
According to him, PAPSS allows businesses to settle cross-border transactions in local currencies without depending heavily on correspondent banks outside Africa.
The Afreximbank president said the platform had gained wider acceptance, connecting 28 African central banks and more than 190 commercial banks and fintechs.
He said the payment system was not designed to replace central banks, but to provide trade infrastructure needed for the success of the continental market.
“We had to convince them that PAPSS is not replacing the central banks. It is simply part of the trade infrastructure Africa needs,” Dr Elombi said.
He said Afreximbank was also supporting border infrastructure and logistics corridors to make it easier for African businesses to trade across countries.
Dr Elombi said improved border posts between Nigeria and Cameroon could open wider access for Nigerian goods into Central Africa, including Cameroon, Chad, Gabon, the Republic of Congo and the Democratic Republic of Congo.
He said Afreximbank was prepared to support feasibility studies and financing where necessary for trade-enabling infrastructure.
The Afreximbank president also pointed to the Intra-African Trade Fair as evidence that African businesses are already finding opportunities under the continental market.
“The trade is happening, it’s just not so visible,” Dr Elombi said.
Beyond payments and trade, Dr Elombi said Africa must use its mineral resources to build industrial value chains, especially in electric vehicle batteries and digital infrastructure.
He said Afreximbank’s US$125 million commitment to Spiro, an electric mobility company, is part of the bank’s wider strategy to support battery manufacturing and mineral processing in Africa.
The investment includes US$75 million in equity from the Fund for Export Development in Africa and a separate US$50 million debt facility to support electric motorcycles and battery-swapping infrastructure across Benin, Togo, Rwanda, Uganda, Kenya and Nigeria.
Dr Elombi said the bank would prioritise companies that process minerals locally rather than simply export raw materials.
“We have the resources. We have the money,” he said. “What we don’t have is the expertise.”
