‘We Must Buy Africa, Be Proud To Wear Africa, Invest In Africa’, Stakeholders Reveal Prospects Of AfCFTA
. Access Bank’s Trade Conference Ignites New Era of Intra-Africa Commerce
By Sulaimon Salau
Stakeholders, policymakers, and trade experts across the continent recently gathered at the Access Bank Plc inaugural Africa Trade Conference in Cape Town, South Africa, to drive solutions for accelerating intra-African trade and unlocking the continent’s economic potential.
The conference tackled critical challenges, including limited access to capital, market information gaps, trust deficits between trading partners, and the urgent need for modernised trade infrastructure.
Managing Director/CEO of Access Bank, Roosevelt Ogbonna, highlighted the critical barriers hindering trade across Africa, hence, he emphasised the urgent need for financial sector collaboration to facilitate seamless access to capital and foster a business environment where African enterprises can scale and compete globally.
“We must invest in the initiatives that ensure that we can bring businesses together, forge trust, and create the connections necessary for trade. In doing so, we must stamp out the narrative that ‘Made in Africa’ is inferior to any product made anywhere else in the world. We must buy Africa, be proud to wear Africa, and invest in Africa because that is what the continent needs to leap forward into the next generation,” Ogbonna stated.
With Africa’s population projected to surge to 2.5 billion by 2050 from 1.2 billion, the African Continental Free Trade Area (AfCFTA) stands as the most significant free trade initiative since the formation of the World Trade Organisation.
By fostering economic integration, AfCFTA has the potential to reshape trade dynamics across the continent, creating a unified market that enhances industrialisation, boosts employment, and strengthens Africa’s global competitiveness.
Recognising this transformative opportunity, Secretary-General of AfCFTA, H.E. Wamkele K. Mene, emphasised the urgency of fully implementing the agreement to unlock its immense benefits.
“The AfCFTA is not just a trade agreement; it is an instrument for Africa’s industrialisation and economic sovereignty. It is a tool that will enable us to break down historic trade barriers and build an Africa that is self-sufficient, competitive, and prosperous. But for this to happen, we must commit to operationalising the agreement fully, ensuring that businesses, particularly SMEs and women-led enterprises, have access to the information, capital, and platforms they need to thrive,” Mene stated.
Also, the Executive Vice President of Afreximbank, Kanayo Awani, emphasised the importance of financing mechanisms that support African businesses in their expansion across borders.
She reaffirmed Afreximbank’s commitment to championing trade finance solutions and infrastructure investments that will unlock Africa’s trade potential.
“At Afreximbank, we understand that trade finance is the lifeblood of economic development. Without it, businesses cannot scale, industries cannot innovate, and Africa cannot fully realise its trade potential. This is why we have developed instruments such as the Pan-African Payment and Settlement System (PAPSS) to facilitate seamless transactions across borders, reducing reliance on foreign currencies and strengthening intra-African trade,” Awani remarked.
Dr. Marc Auboin from the World Trade Organization (WTO) shared key insights on how digital transformation is reshaping Africa’s supply chain landscape, creating efficiency and unlocking new global market opportunities. Tanya Dos Santos-Ford from GIBS Business School also led a session on sustainable trade practices, emphasising the need for environmentally responsible economic growth strategies.
