AFRICAN trade leaders are targeting more than US$50 billion in business deals at the 2027 Intra-African Trade Fair (IATF) after Nigeria formally signed the host country agreement for the continental event on Monday.
The agreement confirms that Nigeria will host the fifth edition of the fair, IATF2027, in Lagos, bringing together governments, businesses, investors and development institutions from across Africa and beyond.
Speaking during the signing ceremony, George Elombi, president and chairman of the board of directors of African Export‑Import Bank (Afreximbank), said the fair had become an important platform for driving trade and investment across the continent.
“The Intra-African Trade Fair is creating a vibrant pan-African single market,” Elombi said. “Our collective duty is to use the platform to grow trade and investment across the continent and to boost intra-African trade beyond the historical 15–18%.”
He noted that previous editions of the trade fair had already produced strong results.
“Over the last four editions, IATF generated an average of US$40 billion in trade and project deals. I am confident that the event here in Nigeria will surpass US$50 billion in generated business, foster even more successful partnerships, boost intra-African investment and create jobs for our people,” Elombi said.
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He urged African governments and businesses to ensure that opportunities created at the fair translate into concrete commercial transactions rather than remaining at the level of discussions.
The IATF is one of the flagship initiatives supporting the implementation of the African Continental Free Trade Area (AfCFTA), a continent-wide market designed to boost trade among African countries.
Wamkele Mene, secretary-general of the AfCFTA Secretariat, said platforms such as the trade fair were essential for translating the continental trade agreement into tangible economic activity.
“For the AfCFTA Secretariat, initiatives such as the IATF are essential because they help translate the AfCFTA from a legal framework into real commercial activity,” Mene said.
“They help African businesses discover markets, establish partnerships and participate in emerging regional value chains.”
Mene said the success of the AfCFTA would ultimately depend on the dynamism of African businesses and their ability to seize opportunities across the continent. He stressed the need to ensure that women entrepreneurs, young innovators and emerging enterprises benefit from the trade opportunities created under the agreement.
He also urged African countries to move away from their long-standing dependence on exporting raw materials.
“Africa cannot achieve sustainable growth if it continues to export primarily raw materials while importing finished products. The AfCFTA provides the framework to change this trajectory,” he said.
With global supply chains undergoing significant shifts, Mene said Africa had a unique opportunity to strengthen its regional production networks and build more resilient value chains.
Former Nigerian president Olusegun Obasanjo, who chairs the IATF2027 Advisory Council, said preparations were already under way to ensure a successful event.
“I wish to reaffirm the commitment of the IATF2027 Advisory Council, in collaboration with our partners and the host country, to orchestrate an exceptionally successful fifth edition of the Intra-African Trade Fair here in Lagos, Nigeria,” Obasanjo said.
He added that the event would contribute to Africa’s broader development agenda.
“It is imperative that through the IATF we endeavour to elevate our standards and achievements as we advance toward realising our developmental aspirations, as outlined in the African Union’s Agenda 2063 — the Africa We Want,” he said.
Meanwhile, Francisca Tatchouop Belobe, commissioner for economic development, trade, tourism, industry and minerals at the African Union Commission said Africa must tackle persistent barriers that continue to slow intra-continental trade.
“As we prepare for the fifth edition of the IATF, one major question is how to ensure that the IATF propels intra-African trade and helps Africa reposition itself in the global trade landscape,” she said.
Belobe cited non-tariff barriers and security challenges as key obstacles that must be addressed to unlock the continent’s trade potential.
She also urged African Union member states to harness technological innovation and digitalisation to simplify trade procedures, including digitising investment, import and export processes and aligning domestic legislation with continental trade policies.
Organised by Afreximbank in partnership with the African Union Commission and the AfCFTA Secretariat, the event is expected to attract over 100 000 visitors and 2 500 exhibitors from more than 100 countries.
Zimbabwe last year secured the bid to host the permanent headquarters of the IATF. The new entity, to be established in Harare, will be capitalised with an initial US$28 million seed fund from Afreximbank.