African leaders meet amidst global trade tensions
Mbongeni Mguni | Monday June 30, 2025 06:00
At least 6,000 delegates from across the continent and the Caribbean are meeting this week in the Nigerian capital, hosted by Afreximbank, the pan-African trade bank with assets exceeding $40 billion.
The annual meeting comes under the shadow of increasing global uncertainty, particularly the blanket tariffs threatened by the United States which could kick off early next month imposing levies of up to 50% on African exports to that country.
Speaker after speaker here noted that the continent was caught in the headwinds of global uncertainty and weakening economic prospects, which required greater acceleration of Africa’s efforts to drive trade and economic growth within itself and the Caribbean.
“Africa is at a crossroads where we need to be intentional about our aspirations,” said Afreximbank senior executive vice president, Denys Denya. “As Afreximbank, we intervened during the end of the commodity supercycle with counter-cyclical products, then also during COVID-19 and also during the energy crisis from the Ukraine invasion. “With the world in a cloud of uncertainty, we will be there to support the continent’s aspirations.”
Afreximbank, established in 1993 under the auspices of the African Development Bank and counting the continent’s different member states as shareholders, is Africa’s biggest trade financier.
This year’s annual meetings provide an opportunity for public and private sector leaders from across the continent to address recent developments in global trade that have shaken global growth prospects.
“Africa has over $4 trillion in domestic capital and more than $1 trillion is in non-banking assets that can be transferred to infrastructure and create jobs for our people,” said Samalia Zubairu, Africa Finance Corporation CEO. “We must channel Africa’s domestic capital to address its challenges. “Africa must look within to look forward and find solutions for its challenges. “The era of dependence is giving way to self-reliance. “We have skin in the game and our fates are intertwined.”
Giving the keynote address at the meeting, Saint Kitts and Nevis Prime Minister, Terrance Drew, said the Caribbean was pulling closer to Africa in terms of trade, leveraging on shared history, culture and the funding efforts of institutions such as Afreximbank.
The trade bank has channelled more than $5 billion to the Caribbean in recent years in both trade facilitation and direct funding, with an Afreximbank centre opened in Barbados in August 2023.
The cooperation between the Caribbean and Africa is conducted under Afreximbank’s “Global Africa” initiative where the trade bank has reached out to all African Diaspora.
“The world is changing fast and in this era of fragmentation, we must become more together not less,” said Drew. “The greatest risk we face is not overreaching, but retreating and remaining isolated and failing to connect the dots of our shared history and prosperity.”
The annual meetings began today and are due to wrap up on Saturday, with speakers such as Nigerian billionaire industrialist, Aliko Dangote, former Donald Trump adviser, Jason Miller as well as several former presidents and leaders from the continent.
Afreximbank officials have said they expect the meetings to “catalyse billions of dollars in funding” over the next five to 10 years.