Nigeria on Monday, March 9, formally signed the hosting rights agreement with African Export-Import Bank (Afreximbank) for the 2027 edition of the Intra-African Trade Fair (IATF), with both parties expressing confidence that the event, scheduled to hold in Lagos in November 2027.
The agreement is projected to generate over $50 billion in trade and investment.
Speaking at the official signing ceremony in Lagos, president Bola Ahmed Tinubu, represented by Jumoke Oduwole, minister of industry, trade and investment, said previous editions of the IATF have collectively generated over $167 billion in trade and investment deals across the continent.
Tinubu noted that the fourth edition of the trade fair held in Algeria alone recorded $48.3 billion in transactions, underscoring the growing importance of the platform in promoting commerce and investment under the African Continental Free Trade Area (AfCFTA).
The president emphasized that Nigeria remains committed to strengthening intra-African trade and regional economic integration through various policy initiatives and reforms.
He highlighted that the country recently completed its five-year review of AfCFTA implementation in 2025 and has taken additional steps to facilitate exports and deepen trade linkages across Africa.
Among the initiatives cited was the launch of the AfCFTA Air Cargo Corridor, aimed at boosting export logistics and reducing trade bottlenecks, as well as the pilot of digital trade solutions to improve cross-border commerce.
Tinubu also referenced the Customs Partnership for African Cooperation and Trade (CPAC) as a key program helping to harmonize customs processes, strengthen regulatory alignment, and build trust between governments and the private sector.
The president further underscored the importance of Nigeria’s creative economy as a driver of growth and continental influence, noting that the sector contributed approximately $25 billion to Nigeria’s Gross Domestic Product (GDP) in 2025 and employs millions of people.
The government aims to expand the creative industry to $100 billion in value and create at least two million jobs by 2030 through increased investment and stronger integration with trade and tourism.
Upcoming initiatives such as Creative Africa Nexus (CANEX) Weekend 2026 and the Golden Jubilee celebration of FESTAC ’77 were highlighted as opportunities to promote African culture, creativity, and commerce.
Tinubu urged African countries to strengthen cooperation and collective action to unlock the full benefits of the continental free trade agreement, noting that the 2027 IATF would serve as a major platform to deepen partnerships, expand trade opportunities, and drive sustainable economic growth across the continent.
George Elombi, president of Afreximbank, said the fifth edition of the continental trade fair is expected to generate even larger volumes of business deals than previous editions and significantly deepen trade across Africa.
He noted that the event is projected to surpass $50 billion in transactions while creating new partnerships and opportunities for businesses, investors, and governments across the continent.
According to Elombi, the IATF was established to place Africa’s economic transformation firmly in the hands of Africans by promoting intra-continental trade and connecting African businesses with investors and global partners.
He explained that while the event will bring global attention and economic activity to Lagos, the broader objective is to convert trade discussions and investment commitments into tangible transactions that expand value addition, create jobs, and increase revenues across African economies.
Elombi also encouraged Nigeria to mobilize broad participation from across the country, drawing participants from major commercial centres such as Alaba in Lagos, Kano in the North, as well as Aba, Onitsha, and Nnewi in the South-East.
Bringing together producers, traders, and entrepreneurs from all 36 states, he said, will be essential to ensure that the 2027 edition becomes a landmark event for both Nigeria and Africa.
The IATF is a flagship initiative aimed at boosting trade among African countries under the framework of the AfCFTA.
Elombi noted that Afreximbank will continue to work closely with the Nigerian and Lagos State governments to ensure that the 2027 edition delivers stronger economic outcomes.
He added that the event presents a unique opportunity for Nigeria to showcase its entrepreneurial capacity, industrial potential, and leadership role in advancing Africa’s economic integration.
Olusegun Obasanjo, former Nigerian president and chairman of the IATF advisory council, said Nigeria’s hosting of the 2027 trade fair represents a significant milestone in strengthening economic cooperation and trade integration across Africa.
He highlighted the historical significance of Lagos as the host city, recalling that it was where African leaders adopted the Lagos Plan of Action for the Economic Development of Africa, aimed at reducing reliance on raw material exports while promoting industrialization and economic self-reliance.
Obasanjo reaffirmed the IATF 2027 advisory council’s commitment to work closely with the Nigerian government and other partners to deliver a successful event that will surpass previous editions in scale and impact.
While expressing confidence in Nigeria’s readiness to host the fair, he advised organizers to implement contingency plans to ensure smooth execution, emphasizing that the trade fair remains a critical instrument for advancing Africa’s economic renaissance and achieving the broader objectives of continental integration.
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