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Experts urge regulatory and payment reforms to expand African trade
At Moonshot 2026 in Lagos, Norebase’s chairman called for standardized business documents and connected payment systems to lower cross-border costs.
Experts attending Moonshot 2026 in Lagos urged governments to align regulations and improve digital payments to help businesses trade across African borders. Their calls focused on overcoming obstacles that continue to limit the implementation of the African Continental Free Trade Area (AfCFTA).
Adetola Onayemi, chairman of Norebase, said technology could make entering new markets simpler and transactions less expensive. He advocated common standards for business documentation and digital payment networks that connect across borders.
Trade among African countries accounts for less than 17% of the continent’s total, against more than 60% within Europe. The AfCFTA envisages a $3.4 trillion market, but differing regulations, disconnected financial systems and expensive international payments remain barriers for businesses.
Onayemi pointed to continuing difficulties at banks, ports and borders despite the trade agreements. He urged companies to use the AfCFTA so that practical problems become visible and governments face pressure to resolve them.