By Etienne Mainimo Mengnjo
The fourth Intra-African Trade Fair concluded in a resounding success here, with $48.3 billion in trade and investment deals signed during the weeklong continental exposition. The event, which ended Sept. 10, drew more than 112,000 visitors, both physical and virtual, from 132 countries. A total of 958 buyers also participated.
The trade fair was organized by the African Export-Import Bank (Afreximbank) in partnership with the African Union Commission (AUC) and the African Continental Free Trade Area (AfCFTA) Secretariat.
Speaking at the closing ceremony, Chief Olusegun Obasanjo, former Nigerian president and chairman of the Advisory Council of IATF2023, said the fair had surpassed all expectations. He expressed a “sense of accomplishment and feeling of satisfaction” at the outcome, which he attributed to the vibrant exchanges and dynamic partnerships that pervaded the event.
“Through vibrant exchanges and partnerships, IATF2023 has exceeded our expectations and now stands as the biggest ever,” Obasanjo said. “It has sown the seed of future prosperity for our shared vision of an economically integrated Africa. We need to continue building on these established connections in exploring new opportunities, working together to realize the full benefits of AfCFTA.”
There were also enriching discussions by political, business and other leaders on key Intra-African trade issues during the conference segment of the trade fair, with some of the most sought-after African and international speakers participating.
Other key outcomes from the event included the institutionalization of the Intra-African Trade Fair as a stand-alone treaty-based entity called IATFCO, with its headquarters in Harare, Zimbabwe. Lagos, Nigeria, was announced as the venue for the next IATF in 2025, with the hosting flag presented to the Nigerian trade minister, Dr. Jumoke Oduwole.
The hosting rights for the Sixth African Sub-Sovereign Governments Network (AfSNET) Investment Conference in 2026 were also awarded to Cross River State of Nigeria, with Calabar as the designated venue. The hosting agreement was signed by Gov. Bassey Edet Otu on behalf of the state and Kanayo Awani, executive vice president of Intra-African Trade and Export Development, on behalf of Afreximbank.
Algeria, a natural choice for IATF2023 because of its established industrial value chains, diversified economy and strategic location, accounted for $11.4 billion of the total contracts signed, representing 23.6% of the total deals. An additional $11.6 billion in export opportunities for Algerian companies from the fair are still scheduled to be signed.
Algerian businesses took advantage of the fair to showcase their products, attract investment and connect with new partners, establishing long-term business relationships in support of AfCFTA implementation. The impressive turnout also brought heightened media visibility to the Maghreb country, boosting its trade prospects. The tourism and hospitality sectors benefited from a boom in patronage of hotels, transport and logistics companies, tour operators and other businesses.
The closing ceremony also featured an awards segment. Winners included Mota Engil for Best Stand Design (Entity), Zambia for Best Stand Design (Pavilion), and Nigeria for Best Stand. The award for Best Stand Feature went to Zimbabwe, Most Sustainable/Going Green to Ogun State, Nigeria, Most Innovative Stand to Arise IIP, the CANEX Award to the Ministry of Arts and Culture, Algeria, and the African Automotive Show Award to Fiat Stellantis.
Awards were also presented in the AU Youth Startup, Healthcare Technology Innovation Hackathon and SME Pitch categories. Thousands of African businesses, including SMEs, have connected with new partners and entered new markets through the IATF platform.
The opening ceremony, addressed by Algerian President Abdelmadjid Tebboune among other dignitaries, featured a lively summit-style discussion with 14 Heads of State and government, six government representatives and 41 ministers and deputy ministers.
According to the IATF2023 Report Card, the event welcomed 2,148 exhibitors and featured major activities. These included a trade exhibition, a four-day trade and investment forum, the Creative Africa Nexus (CANEX) program covering fashion, music, film, arts and craft, sports, literature and gastronomy, as well as the Africa Automotive Show.
The robust program also included nine Special Days hosted by countries and organizations, including an IATF2023 Global Africa Day that highlighted commercial and cultural ties between Africa and its diaspora, the Arise IIP Industrial Day, and the Dangote Day. The event also featured B2B and B2G matchmaking programs to facilitate strategic partnerships and government collaborations.
The AU Youth Start-Up Programme showcased innovative ideas and prototypes, and the Africa Research and Innovation Hub @ IATF targeted academia and national researchers. The activities were preceded by the IATF Virtual Platform, which had been live throughout the year, connecting exhibitors and visitors.
