LAGOS, Nigeria — Africa’s digital economy could expand from about $180 billion today to $712 billion by 2050, but only if countries move faster to implement the AfCFTA Digital Trade Protocol, stakeholders said at the 2nd AfCFTA Digital Trade Forum held in Lagos..
The projection was highlighted by the Secretary-General of the AfCFTA Secretariat, Wamkele Mene, at the forum, which brought together government officials, regulators and private sector leaders to advance cross-border digital commerce. Details of the development were contained in a statement signed by Obilor-Duru Augustina Okechi, Head of Press and Public Relations, Federal Ministry of Industry, Trade and Investment (FMITI).
Mene urged African governments to fast-track ratification of the Digital Trade Protocol, strengthen digital infrastructure and harmonise regulations to unlock the full benefits of intra-African trade.
“The next phase of AfCFTA will depend on implementation and whether businesses can seamlessly trade across borders,” he said.
Nigeria’s Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said digital trade is central to unlocking the AfCFTA’s $3 trillion market, stressing that reducing regulatory barriers and enabling cross-border payments are critical to growth.
“Africa already has the talent. Our task now is to create the conditions for that talent to serve a continental market,” she said.
Oduwole noted that Nigeria, as Co-Champion of the Digital Trade Protocol, is leading efforts to simplify market entry for digital firms through a regulators’ working group developing continent-wide guidelines.
She added that despite rapid growth in digital services, only about five per cent of such services are currently traded within Africa, highlighting a significant gap and opportunity for expansion.
Private sector players echoed concerns over payment inefficiencies, noting that many African transactions still pass through foreign banking systems, increasing costs and slowing trade.
The forum also spotlighted platforms such as the Pan-African Payment and Settlement System (PAPSS) as critical tools for enabling faster and cheaper transactions across borders.
The two-day event brought together policymakers, investors and innovators to drive practical implementation of the Digital Trade Protocol and position Africa’s digital economy for long-term growth.
