Obasanjo, Sanwo-Olu, others seek stronger African trade ties

2026-03-09 - 19:37

By Peter Egwuatu and Patrick Chidubem Former President Olusegun Obasanjo, Lagos State Governor Babajide Sanwo-Olu and other personalities in both public and private sector has called for stronger African trade ties, as Lagos is set to host the 2027 Intra-Africa Trade Fair (IATF), a major continental business event aimed at accelerating trade, investment and industrial collaboration across Africa under the African Continental Free Trade Area (AfCFTA). The hosting agreement was formally signed in Lagos on Monday, drawing prominent African leaders, policymakers and business executives who described the event as a critical platform for deepening economic integration and unlocking the continent’s vast trade potential. Among dignitaries present at the signing ceremony were Obasanjo, Governor Sanwo-Olu, Nigeria’s Minister of Industry, Trade and Investment Jumoke Oduwole, and President of African Export-Import Bank (Afreximbank) George Elombi. Also in attendance was Francisca Tatchoup Belobe of the African Continental Free Trade Area Secretariat. Speaking at the ceremony, Obasanjo noted that hosting the trade fair in Lagos carries historical significance, recalling that African leaders once gathered in the city to sign the Lagos Plan of Action, which sought to strengthen Africa’s economic independence and reduce reliance on raw material exports. “Through initiatives like the Intra-Africa Trade Fair, we must elevate our standards and achievements as we advance towards Africa’s development aspirations,” Obasanjo said. “Africa is one, and we must work hard to foster continental integration within a unified marketplace.” He expressed confidence that the 2027 edition of the trade fair would surpass previous editions in both participation and value of trade deals, while also urging organisers to plan adequately for climate and weather contingencies. Governor Sanwo-Olu described the event as a defining moment for accelerating intra-African commerce and investment. “As we look forward to welcoming the continent to Lagos, be rest assured that IATF 2027 will mark a defining moment in accelerating and transforming intra-African trade and investment,” he said. Sanwo-Olu added that Lagos intends not only to surpass the transaction levels recorded at previous editions of the fair but also to create a marketplace that fosters ideas, partnerships, capital flows and skills exchange. Belobe noted that the AfCFTA represents one of Africa’s most ambitious economic integration initiatives, but its success would depend largely on the ability of African businesses to connect trade and build regional value chains. “The Intra-Africa Trade Fair has established itself as Africa’s premier marketplace for trade and investment. It provides a space where African supply meets African demand and where businesses can discover new markets and partnerships,” she said. She added that the fair would also expand opportunities for small and medium-scale enterprises, women entrepreneurs and youth innovators across the continent. Scheduled for February 2027, the event is expected to attract thousands of participants from across Africa and the diaspora, including manufacturers, exporters, investors and policymakers.