Africa contributes only 3% to global trade — AfreximBank

The Head of the Mansa Digital Initiative at the African Export and Import Bank, Maureen Mba, has said that Africa contributes only 3 per cent to the totality of global trade.

Mba stated this on Wednesday while unveiling the Mansa initiative at a webinar held to discuss the challenges faced by Small and Medium Enterprises in Nigeria.

The webinar, which was organised by the Lagos Chamber of Commerce, also sought solutions to the myriad of challenges faced by small businesses.

Mba, while explaining the rationale behind the Mansa Digital Initiative said there was an urgent need to promote trade across the African continent.

She said, “Africa contributes only 3 per cent to global trade, and those are just manufactured products. We need to change the narrative. We need to support our SMEs to do better.”

In his welcome address, the president of the Lagos Chamber of Commerce and Industry, Michael Olawale-Cole emphasised the need for the government to support SMEs due to their strategic importance to the national economy.

He noted that Nigeria’s small and medium-sized enterprises have long been the backbone of the economy, contributing significantly to economic growth, job creation, and poverty reduction.