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AfCFTA will boost Africa’s auto industry

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Transformative change is underway in the African automotive industry as trade begins under the African Continental Free Trade Area (AfCFTA), a new report by the World Economic Forum has indicated. The continent’s auto industry, valued at $30.44 billion in 2021, is expected to grow to $42.06 billion by 2027 — a nearly 40% increase in value. According to the report titled "a New Era for Global Business and Investment in Africa", much of this growth can be serviced by local companies within the newly established free trade area. Under the AfCFTA, over 1.3 billion people will be connected into a...
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