Afreximbank: Nigeria, Others Spend $3 bn Annually On Meat Importation
THECONSCIENCE NG reports that Nigerian and other West African nations spend more than $3 billion each year importing meat—often from distant suppliers like Australia—even though the region is home to vast livestock resources.
This paradox has renewed calls for stronger regional trade integration and the development of locally anchored value chains under the African Continental Free Trade Area (AfCFTA).
Speaking at a keynote event in Lagos on Monday, Ms. Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at the African Export-Import Bank (Afreximbank), condemned Africa’s ongoing reliance on foreign imports. She attributed it to outdated trade models shaped by colonial-era economics.
“Historically, Africa’s trade has looked outward—machinery from Europe, textiles from Asia, and food from the Americas—while ignoring the wealth within its own borders,” Awani said.
She illustrated the contradictions:
West Africa imports $3 billion worth of meat annually from Australia, while countries like Botswana, Namibia, and Mali have surplus livestock.
Ghanaian shoemakers look to Argentina for leather, despite Nigeria, Ethiopia, and Burundi being rich in hides.
Senegalese supermarkets stock European dairy, though East Africa leads in milk production.
Awani stressed the urgency of reversing these trends: “Intra-African trade is no longer a diplomatic gesture—it is an economic imperative for survival, recovery, and long-term prosperity.”
She highlighted that the Intra-African Trade Fair (IATF) has already facilitated over $100 billion in trade and investment deals since its launch, with Nigerian businesses accounting for more than $11 billion in agreements during the 2023 edition.
Also speaking, Mrs. Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council (NEPC), noted that intra-African trade still makes up less than 15% of Africa’s total trade—far below levels in Europe and Asia.
“Africa has the land, the resources, and the talent. What we now need are the three Cs: collaboration, commitment, and coordination,” Ayeni said, calling for increased investment in sustainable regional value chains.
She reported encouraging developments: Nigerian non-oil exports grew by 24.7% in Q1 2024, with 246 agricultural products exported to 126 countries. As part of NEPC’s AfCFTA implementation plan, 20 priority products and five target markets have been selected to drive trade expansion.
Ayeni added that the recent recognition of the CFA franc as a repatriation currency will simplify transactions between Nigeria and francophone West African countries. The NEPC has also begun collecting data on informal cross-border trade to help shape more effective policies.
Africa Loses $7 Billion Annually to Medical Tourism – Afreximbank
Meanwhile, Afreximbank has revealed that Africa is losing about $7 billion annually to medical tourism, draining foreign exchange reserves and hindering the growth of local healthcare systems.
Speaking at the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja, Mrs. Oluranti Doherty, Managing Director of Export Development at Afreximbank, said Nigeria alone loses an estimated $1.1 billion every year to outbound medical travel.
She described medical tourism as a major economic and developmental challenge: “The rising cost of medical tourism is a significant drain on African economies and a major barrier to strengthening our healthcare infrastructure.”
