This archive report was first published on 15 October 2019.
On October 15, 2019, the AfroChampions initiative, led by former South African President Thabo Mbeki and Businessman Aliko Dangote, unveiled a framework to support the African Continental Free Trade Area (AfCFTA). The initiative aims to create a $1 trillion investment fund to drive infrastructure and industrial investment.
The fund is expected to trigger the necessary investments to unlock AfCFTA's 2030 goals, including the development of vital projects such as a railway connecting Djibouti to Dakar to enhance transport and connectivity networks.
According to the framework, the removal of non-tariff barriers and access to cheap energy will propel AfCFTA further. The initiative also seeks to build homegrown pan-African companies driven by private and public sectors.
Former Nigerian President Olusegun Obasanjo stated, 'We now have a framework that we can put on the table. We can say yes, we want to have $1trn in 10 years.'
Albert, Commissioner for Trade at the AU, added, 'The launch of the trillion-dollar framework is driven by the private sector.'
