Access Bank PLC, today, convened leading
policymakers, business executives, and industry stakeholders in Cape Town for
the maiden Africa Trade Conference, a platform dedicated to unlocking the
continent’s vast trade potential. The conference serves as a strategic response
to the shifting global trade landscape, emphasising Africa’s need to build
resilient economies through deeper regional collaboration and enhanced
financial and trade infrastructure.
Addressing participants, Roosevelt Ogbonna, Managing Director/CEO of Access Bank PLC, highlighted the need for Africa to take control of its economic destiny by fostering deeper collaboration, investing in financial infrastructure, and creating homegrown solutions that drive sustainable growth.
Ogbonna underscored the shifting dynamics of global
trade and increasing need for Africa to look inward. The world, he noted, has
become more fragmented, with rising nationalist tendencies and supply chain
disruptions that have disproportionately impacted the continent. These
challenges, he argued, present an opportunity for Africa to strengthen its
trade networks, support local businesses, and build the resilience needed to
compete on a global scale. However, for this vision to become a reality,
several structural barriers must be addressed.
One of the critical issues Ogbonna identified is
the challenges businesses face in securing capital. While many African
enterprises have the ambition to scale, the excessive cost of financing often
inhibits their ability to expand. He advocated a financial services sector that
is designed to empower businesses, making capital more accessible and
affordable.
“Many businesses on the continent struggle to find
capital or access to capital and the right structure of capital, and when they
do find it, the cost of capital is so significant that it makes it unbelievably
expensive for them to be able to raise capital and still do business
competitively. That has to change. We have to create a financial services
sector that empowers businesses, one that makes it easier and seamless for
businesses to be able to access capital, to able to invest in growth, invest in
innovation, and of course, the muscle they need to expand beyond their local
boundaries. It is clear that we need to create a network of Africa financial giants
who are willing to create homegrown solutions to support the continent in
achieving the objectives that we have set for ourselves.”
Beyond financial constraints, limited access to
market intelligence remains a major hurdle. Many African businesses lack the
necessary insights to identify trade opportunities beyond their local markets.
Leveraging technology to enhance information-sharing can bridge this gap,
enabling businesses to make informed decisions and seize growth prospects
across the continent.
Apart from capital, Ogbonna highlighted the
critical role of access to information. Many businesses struggle to find the
data and intelligence necessary to make informed decisions and identify
opportunities beyond their national borders. He stressed that leveraging
technology to bridge this gap will be instrumental in driving cross-border
trade and creating a more connected Africa. He also addressed the issue of
trust between trading partners, noting that historic challenges, inconsistent
regulations, and varying standards have contributed to a lack of confidence in
intra-Africa trade. Overcoming this scepticism, he affirmed, requires
deliberate efforts to harmonise standards, foster cooperation, and shift
perceptions about the quality of African goods and services. He urged African
businesses to take pride in what they produce, invest in local industries, and
reject the notion that products made on the continent are inferior to those
from elsewhere.
The chief executive also emphasised the urgent need to modernise
Africa’s trade routes and infrastructure. Drawing on historical examples, he
pointed out that Africa once had well-established trade corridors that
connected it to the Middle East and Asia. Today, however, inefficient transport
networks and regulatory bottlenecks make it easier for businesses in Angola to
trade with Portugal than with South Africa or Nigeria. He called for a renewed
commitment to building the infrastructure and regulatory frameworks necessary
to facilitate seamless trade across the continent, ensuring that goods,
services, and capital can move freely between African nations.
Closing his address, Ogbonna challenged attendees
to take concrete action toward realising Africa’s economic potential. He urged
governments, financial institutions, and businesses to leverage platforms like
the Africa Trade Conference to drive meaningful change. The goal, he emphasised,
should be to create an Africa where businesses thrive, financial inclusion is a
reality, and homegrown solutions set global benchmarks.
“Ultimately, let's collectively agree that we will
create value working as governments, financial services sector and businesses,
leveraging our collective power to make the Africa we truly are proud of a
reality,” he said.
The Access Bank Africa Trade Conference represents
a significant step toward fostering dialogue, building partnerships, and
driving policy initiatives that support Africa’s economic transformation. As
the continent continues to navigate global uncertainties, events like this
serve as a reminder that Africa’s future lies in its ability to collaborate,
innovate, and build a sustainable trade ecosystem that benefits all.
Streaming link: Africa Trade Conference - 25
About Access Bank PLC
Access Bank PLC, a wholly owned subsidiary of
Access Holdings PLC, is a leading full-service commercial bank operating
through a network of more than 700 branches and service outlets spanning three
continents, 24 countries and over 60 million customers. The Bank employs over
28,000 people in its operations in Africa and Europe, with representative
offices in China, Lebanon, India, and the UAE.
Access Bank’s parent company, Access Holdings PLC,
has been listed on the Nigerian Stock Exchange since 1998 (now Nigerian
Exchange (NGX)). The Bank is a diversified financial institution which combines
a strong retail customer franchise and digital platform with deep corporate
banking expertise, proven risk management and capital management capabilities.
The Bank services its various markets through three key business segments: Corporate
and Investment Banking, Commercial Banking, and Retail Banking. The Bank
has enjoyed what is Africa’s most successful banking growth trajectory in the
last 20 years, becoming one of the continent’s largest retail banks.
As part of its continued growth strategy, Access
Bank is focused on mainstreaming sustainable business practices into its
operations. The Bank strives to deliver sustainable economic growth that is
profitable, environmentally responsible, and socially relevant, helping
customers to access more and achieve their dreams.
About Africa Trade Conference
Africa Trade Conference serves as a dynamic
platform where industry leaders, policymakers, and stakeholders across the
trade ecosystem come together to shape the future of commerce on the continent.
By fostering dialogue on innovative trade solutions, sustainable practices, and
market-expanding strategies, the forum underscores Access Bank's commitment to unlocking
Africa's immense potential.
Participants will engage in insightful discussions,
forge strategic partnerships, and explore opportunities that drive inclusive
growth, positioning Africa as a pivotal player in global trade.
Access Bank invites you to join industry leaders, innovators,
and other key players across Africa's trade ecosystem at the Africa Trade
Conference 2025.
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