Intra-African Trade Hits ₦20tr

A report by the United Nations Conference on Trade and Development (UNCTAD) has revealed that the intra-African trade (both exports and imports) stood at $131.1 billion (₦20.7 trillion) in 2011 despite inter trade challenges in the continent.

The report titled, “The Economic Development in Africa Report 2013,” and subtitled, “Intra-African Trade: Unlocking Private Sector Dynamism,” noted that over 2007-2011 periods, the average share of interregional exports in total exports was 11% in Africa, compared with 50% in Asia and 70% in Europe.

The report suggested that African countries should adopt “developmental regionalism,” a new approach to regional integration.