Access Bank’s CEO Calls for Investment in African Enterprises to Boost Global Competitiveness

Access Bank PLC recently hosted the first-ever Africa Trade Conference in Cape Town, South Africa, drawing together industry leaders, policymakers, and trade experts to address challenges and explore solutions aimed at accelerating intra-African trade and unlocking the continent’s economic potential. Key issues discussed included limited access to capital, gaps in market information, trust deficits among trading partners, and the pressing need for modernised trade infrastructure.

Roosevelt Ogbonna, Managing Director and CEO of Access Bank, opened the conference with remarks that underscored the significant barriers to trade across Africa. He stressed the importance of collaboration within the financial sector to ensure smooth access to capital, thereby creating a conducive environment for African businesses to expand and compete on a global scale.

“We must invest in initiatives that unite businesses, build trust, and forge the necessary connections for trade. It’s vital to dismantle the narrative that ‘Made in Africa’ is inferior; we need to embrace, invest in, and take pride in African products as the continent strives for a brighter future,” Ogbonna stated.

With Africa’s population expected to reach 2.5 billion by 2050, the African Continental Free Trade Area (AfCFTA) is poised to be a transformative free trade initiative, facilitating economic integration and creating a unified market that promises to enhance industrialisation, boost employment, and improve Africa’s global competitiveness. H.E. Wamkele K. Mene, Secretary-General of AfCFTA, highlighted the urgent need for full implementation of the agreement to unlock its vast benefits.

“The AfCFTA is not merely a trade agreement; it is a crucial instrument for Africa’s industrialisation and economic sovereignty. It offers us the chance to dismantle long-standing trade barriers and build a self-sufficient, competitive, and prosperous Africa. However, we must commit to fully operationalising the agreement, ensuring that businesses, especially SMEs and women-led enterprises, can access necessary information, capital, and platforms for success,” Mene remarked.

Kanayo Awani, Executive Vice President of Afreximbank, reinforced the need for financing mechanisms to support African businesses in their cross-border ventures. She reiterated Afreximbank’s dedication to promoting trade finance solutions and infrastructure investments that can unlock Africa’s trade potential.

“Trade finance is essential for economic development; without it, businesses cannot scale and industries cannot innovate. This is why we have introduced instruments like the Pan-African Payment and Settlement System (PAPSS) to enable seamless, currency-independent transactions across borders,” Awani stated.

The conference featured a compelling testimonial from Nathalie Louat, Global Director at the IFC/World Bank Group, who highlighted the critical role of trade finance in facilitating cross-border transactions and promoting financial inclusion. She acknowledged the longstanding partnership between IFC and Access Bank in bolstering Africa’s economic resilience.

High-level panel discussions explored strategies to overcome trade barriers and improve market access through innovative solutions. Experts from esteemed institutions such as Deutsche Bank, Traydstream, and Fiducia International discussed how infrastructure enhancement, digital solutions, and policy harmonisation could spur economic growth and boost intra-African trade.

Dr. Marc Auboin from the World Trade Organization (WTO) shared insights on how digital transformation is reshaping Africa’s supply chain landscape, while Tanya Dos Santos-Ford from GIBS Business School led a session focused on sustainable trade practices, underlining the importance of environmentally responsible growth strategies.

The event concluded with an awards ceremony recognising exceptional contributions to intra-African trade and economic transformation. Honourees included Tradepass Commodities Limited (Ghana), Chemaf International FZE (DR Congo), and Harvest Group of Companies (Zambia) for their support of SMEs and women-led trade enterprises. Bulkstream Limited (Kenya) and Electricidade de Moçambique (Mozambique) were acknowledged for their advancements in intra-African trade, while Tennant Metals South Africa Pty Ltd was celebrated as an Emerging Leader in Trade.

The International Finance Corporation (IFC) received the Climate Finance Leadership Award, and Afreximbank was honoured as the Champion of Intra-African Trade. The African Development Bank (AfDB) and Africa Finance Corporation (AFC) were recognised for their contributions to economic transformation and infrastructure finance, respectively. The prestigious African Icon Award was awarded to IHS Group, Dangote Industries Limited, and MTN Group Limited for their significant impact on Africa’s economic development.

As the conference wrapped up, Seyi Kumapayi, Executive Director of African Subsidiaries at Access Bank, reaffirmed the bank’s commitment to supporting trade finance, promoting regional integration, and advocating for policies that foster a conducive business environment across Africa.