Page 30 - LUA March-April 2025

NEWS

How AfCFTA is unlocking Africa’s potential

with free movement of goods, people and ideas

he African Development Bank
T(AfDB) has reiterated its commitment
to advancing the African Continental
Free Trade Area (AfCFTA), calling
regional integration key to the
continent’s economic transformation.
Speaking at a high-level ministerial
roundtable in Casablanca, Joy
Kategekwa, Director of Regional
Integration at AfDB, emphasised
that integration is about more than
goods—it’s about the movement of
people, ideas, and opportunities. The in strategic infrastructure, including as critical enablers. The roundtable
AfCFTA aims to boost intra-African transport corridors, ports, and trade organised in February 2025 ended with
trade by 52% by 2035, tapping into finance instruments. Kategekwa a shared pledge to fast-track AfCFTA
a $3.4 trillion market of 1.5 billion highlighted harmonised trade standards implementation and drive inclusive,
people. The Bank has invested heavily and digital infrastructure for SMEs sustainable growth across Africa.

AD Ports Group expands African IFC invests $50 million to

presence with strategic port investments boost Nigeria’s Lagos Free
Zone development
he International Finance Corporation (IFC)
Thas committed up to $50 million to support
the first phase of the Lagos Free Zone, Nigeria’s
flagship deep-sea port-based industrial hub.
Spanning 860 hectares and developed by
Singapore-based Tolaram, the zone integrates
with the Lekki Deep Sea Port and aims to
transform Nigeria’s logistics landscape by
addressing critical infrastructure gaps. The
investment will enhance land development,
industrial facilities and logistics infrastructure,
aligning with Nigeria’s economic diversification
goals. Once operational, the zone is expected to
generate around 30,000 jobs and attract global
AE-headquartered AD Ports of Angola’s cargo and connects businesses. IFC says the project will promote
UGroup, a developer and landlocked neighbours like Zambia sustainable, inclusive growth and strengthen
regulator of ports and related and the DRC. In Congo-Brazzaville, Nigeria’s participation in global value chains.
infrastructure, is accelerating its AD Ports has partnered with Current tenants include major global brands
footprint in sub-Saharan Africa CMA CGM’s CMA Terminals to such as Kellogg’s, Colgate, BASF and Tata
through two major terminal jointly develop the New East Mole International, reinforcing its growing appeal as a
projects in Angola and Congo. In multipurpose terminal at the Port strategic investment destination.
Luanda, Angola, the Group has of Pointe Noire. AD Ports, holding a
commenced operations at the majority stake, plans to invest $220
Noatum Ports Luanda Terminal million in Phase 1. These strategic
under a 20-year concession, moves highlight AD Ports Group’s
investing $250 million through commitment to strengthening
2026 to modernise facilities maritime trade infrastructure across
and develop Noatum Unicargas Africa while deepening UAE-Africa
Logistics. The port handles 76% economic ties.

28 LUA MARCH - APRIL 2025