Info@diaspoint.nl

World Trade Organization (WTO) Director-General Dr. Ngozi Okonjo-Iweala has urged African nations to reform trade and infrastructure systems, revealing that it costs 20% more for African countries to trade with one another than with partners outside the continent.

Speaking in an interview with CNN’s Christiane Amanpour, Okonjo-Iweala said the imbalance undermines the goals of the African Continental Free Trade Area (AfCFTA), which was created to strengthen regional commerce and industrial growth.

“It costs 20% more for us to trade within Africa than externally, something is wrong with that,” she said, stressing the need to reduce logistics and regulatory costs.

She identified poor infrastructure, weak connectivity, and unreliable power supply as the main barriers holding back growth, despite Africa’s vast natural resources and rising economic potential.

The WTO chief noted that Africa’s economy is projected to grow by about 4% in 2025, outpacing global growth, but warned that prosperity depends on investing in human capital and technology.

By 2050, Africa’s population is expected to reach 2.5 billion, representing 22% of the world’s working-age population, a potential economic advantage if properly educated and digitally skilled.

Okonjo-Iweala praised Africa’s youth for driving innovation in fintech, agritech, and creative industries, calling them the continent’s greatest strength.

Despite ongoing challenges, she expressed optimism: “I’m excited to be African and Nigerian because of what I see.”

Meanwhile, Nigeria’s external trade surplus rose 44.3% to ₦7.46 trillion in Q2 2025, driven by higher exports and steady import levels, according to the National Bureau of Statistics (NBS).