Afreximbank expects IATF 2027 in Lagos to top $50bn in transactions

Nigeria on Monday formally signed the hosting rights for the 2027 edition of the Intra-African Trade Fair (IATF), with Afreximbank expressing confidence that the event will surpass $50 billion in transactions when it holds in Lagos in November 2027.

Speaking at the official signing ceremony for the hosting rights in Lagos, George Elombi, President of Afreximbank, said the bank expects the fifth edition of the continental trade fair to generate more business deals than previous editions and deepen trade across Africa.

According to him, the event is projected to exceed the $50 billion in deals recorded at earlier editions, while creating new partnerships and opportunities for businesses across the continent.

Elombi said the Intra-African Trade Fair was designed to place Africa’s economic transformation firmly in the hands of Africans by promoting trade within the continent and connecting businesses, investors and governments. He noted that while the fair will bring excitement and global attention to Lagos, the real objective is to convert trade discussions and investment commitments into executable transactions that will expand value addition, create jobs and increase revenues for African economies.

He urged Nigeria to leverage the opportunity to mobilise participation from across the country, particularly from major commercial hubs such as Alaba in Lagos, Kano in the north, and Aba, Onitsha and Nnewi in the SouthEast. According to him, bringing together producers, traders and entrepreneurs from across Nigeria’s 36 states will be key to ensuring that the 2027 trade fair becomes a landmark event for the country and the continent.

The Intra-African Trade Fair is a flagship initiative aimed at boosting intra-African trade under the African Continental Free Trade Area. Elombi said Afreximbank will continue working closely with the Nigerian government and Lagos State to ensure that the 2027 edition delivers stronger economic outcomes, adding that the event presents a unique opportunity for Nigeria to showcase its entrepreneurial strength and leadership in driving Africa’s economic integration.

Olusegun Obasanjo, former Nigerian President and Chairman of the IATF, said Nigeria’s hosting of the 2027 Intra-African Trade Fair marks an important milestone in advancing economic cooperation and trade integration across the continent.

Obasanjo noted that the event, scheduled to hold from November 5 to November 11, 2027, would provide a major platform for businesses, investors and governments to deepen commercial partnerships and unlock new opportunities for intra-African trade.

He highlighted the historical significance of Lagos as the host city, recalling that the city was the venue where African leaders adopted the Lagos Plan of Action for the Economic Development of Africa, which sought to reduce reliance on raw material exports and promote industrialisation and self-reliance across the continent. According to him, hosting the trade fair in Lagos reinforces Africa’s long-standing ambition to strengthen regional economic integration and build a more resilient and self-sufficient economy.

Obasanjo also reaffirmed the commitment of the IATF 2027 Advisory Council to work closely with the Nigerian government and partners to deliver a successful event that will surpass previous editions in scope and impact. While expressing confidence in Nigeria’s preparedness, he advised organisers to plan for possible contingencies to ensure smooth execution, adding that the trade fair remains a critical instrument for advancing Africa’s economic renaissance and achieving the broader goals of continental integration.

Highlighting the scale and impact of the trade fair, President Bola Ahmed Tinubu, who was represented by Jumoke Oduwole, Federal Minister of Industry, Trade and Investment of Nigeria, noted that previous editions of the IATF have generated over $167 billion in trade and investment deals, with the fourth edition in Algeria alone recording $48.3 billion.

He underscored Nigeria’s leadership in AfCFTA implementation, including completing its five-year review in 2025, launching the AfCFTA Air Cargo Corridor to facilitate exports, and piloting innovative digital trade solutions across the continent. Tinubu also cited the Customs Partnership for African Cooperation and Trade (CPAC) as a model for harmonising customs policies and building trust with the private sector.

He also spotlighted Nigeria’s creative economy as a key driver of continental growth, noting that it contributed $25 billion to GDP in 2025 and employs millions, with ambitions to reach $100 billion and create two million jobs by 2030.

The President highlighted initiatives such as CANEX Weekend 2026 and the Golden Jubilee of FESTAC ’77 as opportunities to integrate cultural innovation with trade and investment. He concluded by urging continental unity, stressing that IATF 2027 will be a defining moment to advance intra-African trade, foster partnerships, and drive sustainable economic growth across Africa.