These projections are detailed in the Standard Chartered Bank's report titled "Future of Trade: Africa," which was unveiled during the World Bank/IMF Annual meetings in Marrakesh, Morocco.

The report outlines that Africa's overall exports are expected to reach $952 billion by 2035. When the AfCFTA is fully implemented, it has the potential to elevate this figure by an additional 29%, representing a steady annual growth rate of 3% from the present until 2035.

This increased trade is projected to stimulate higher growth corridors throughout Africa and foster greater connectivity. Furthermore, intra-Africa trade is anticipated to surge to $140 billion by 2035, making up 15% of the continent's total exports.

Commenting, Dr José Viñals, Group Chairman of Standard Chartered PLC, said: “Implemented effectively, the AfCFTA can radically reshape future growth and development. It will enable higher value-add supply chains and more diversified exports, allowing member states to reduce historical commodity dependence and achieve meaningful progress towards multiple Sustainable Development Goals.

"Through our global footprint, local expertise and innovative solutions, we are committed to supporting the development of the right policies, securing cooperation, and applying technology and capital in order to build better connections within the continent, and beyond.”  

Also, Sunil Kaushal, Regional CEO, Standard Chartered Africa Middle East said, “The disruptions to Africa’s supply chains over the last few years have amplified the urgency to implement the AfCFTA. At the same time, the findings of our report outline the requirements to exponentially bolster Africa’s exports, which the AfCFTA would benefit greatly. With the right regulations, collaboration, and governance, this opportunity can be made a reality”.