Volatile US tariff policy is accelerating efforts in Africa to reduce reliance on the dollar in trade settlements, with companies exploring greater use of China’s renminbi and local currencies, the head of pan-African lender Ecobank Transnational Inc said.
Despite comparatively low levels of trade with the US, Africa hasn’t been shielded from the fallout of White House tariff decisions, Chief Executive Officer Jeremy Awori said in an interview last week.
Trade between the two was $83.4bn in 2025, about 16% more than the previous year, according to US Census Bureau data. That pales in comparison with $315bn of flows between the continent and China, according to estimates by Ecobank’s economists.
“We are going to see more options around direct renminbi conversion into African currency,” Awori said. “We also need to look at trading in African currencies, because if we can trade in our own local currencies, that takes off the pressure on the need for US dollars.”
The expiry of the African Growth and Opportunity Act — which allows duty- and quota-free exports to the US — and its renewal subject to annual review have created fresh uncertainty for manufacturers and exporters, Awori said.
Intra-Africa trade was valued at about $220bn in 2024, representing about 15% of the continent’s total, according to the UN Trade and Development agency.
Enhancing trade within the continent will be a critical hedge against external geopolitical uncertainty, according to Awori, mentioning Nigeria’s new oil refinery as an example of how regions can trade more with each other. The 650,000 barrel-a-day Dangote facility will provide refined gasoline, diesel and jet fuel for Nigeria and other markets in Africa.
“We would really hope to see more value addition across all segments, whether it is in mining, oil and gas, or agriculture, to push up this intra-Africa trade going forward,” he said. “But there are still issues we need to solve in terms of non-tariff barriers, bureaucracy among others.”
