*Roosevelt Ogbonna, Managing Director/CEO of Access Bank Plc, at the maiden Africa Trade Conference, in Cape Town, highlights the importance of Africa’s taking control of its economic destiny through deeper alliances, investing in financial infrastructure, and creating homegrown solutions to drive sustainable growth

Isola Moses | 绿帽献妻

Access Bank Plc has convened a forum of leading policymakers, business executives and industry stakeholders in Cape Town, South Africa, for the maiden Africa Trade Conference.

The meeting is a platform dedicated to unlocking the vast trade potential on the African continent.

According to Access Bank, the conference served as a strategic response to the shifting global trade landscape.

It equally emphasised the need for the continent to build resilient economies through deeper regional collaborations, and enhanced financial cum trade infrastructure.

In his address at the first Africa Trade Conference, in Cape Town, Mr. Roosevelt Ogbonna, Managing Director/ Chief Executive Officer (CEO) of Access Bank, highlighted the need for Africa to take control of its economic destiny by fostering deeper collaborations, investing in financial infrastructure, and creating homegrown solutions that drive sustainable growth.

Ogbonna underlined the shifting dynamics of global trade and the increasing need for Africa to look inwards.

The Managing Director of the leading financial institution also noted that the world has become more fragmented, with rising nationalist tendencies and supply chain disruptions that have disproportionately impacted Africa.

He submitted that these challenges, however, present a veritable opportunity for the continent to strengthen its trade networks, support local businesses, and build the resilience needed to compete on a global scale.

On addressing structural challenges in Africa

Ogbonna stated for this vision to become a reality, however, several structural barriers must be addressed on the African continent.

He said one of the critical issues focuses on the challenges businesses face in securing capital.

As several African enterprises have the ambition to scale up, the excessive cost of financing often inhibits their ability to expand.

The Chief Executive of Access Bank, therefore, advocated a financial services sector especially designed to empower businesses, making capital more accessible and affordable for operations.

He further stated: 鈥淢any 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.”

Ogbonna averred: “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 African financial giants who are willing to create homegrown solutions to support the continent in achieving the objectives that

we have set for ourselves.”

Aside from financial constraints, he touched on the issue of limited access to market intelligence as another major hurdle in Africa.

He explained that several African businesses yet 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, noted he.

Ogbonna equally highlighted the critical role of access to information.

According to him, several businesses struggle to find the data and intelligence necessary to make informed decisions and identify opportunities beyond their national borders.

The Access Bank Chief emphasised that leveraging technology to bridge this gap would be instrumental in driving cross-border trade and creating a more connected Africa.

Trust between trading partners is another major constraint Ogbonna identified in his address.

He noted that historic challenges, inconsistent regulations, and varying standards have contributed to a lack of confidence in intra-Africa trade.

However, in scaling through these barriers, the Managing Director of Access Bank affirmed this requires deliberate efforts at harmonising standards, fostering cooperation, and shifting perceptions about the quality of African products and services.

He as well 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.

There is an urgent need to modernise Africa鈥檚 trade routes and infrastructure, he stated. Drawing on historical examples, Ogbonna submitted that Africa once had well-established trade corridors that connected it to the Middle East and Asia.

He noted, today however, inefficient transport networks and regulatory bottlenecks are making it easier for businesses in Angola to trade with Portugal than with South Africa or Nigeria.

He, therefore, called for a renewed commitment to building the infrastructure and regulatory frameworks necessary to facilitate seamless trade across the African continent.

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