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African states can grow global trade finance with AfCFTA – Coronation Merchant Bank

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African states can grow global trade finance with AfCFTA – Coronation Merchant Bank

Financial experts in Coronation Merchant Bank have tasked member states of the Africa Continental Free Trade Area (AfCFTA) to leverage resources and synergies to grow the continent’s trade finance globally.

They disclosed this during the bank’s interactive section tagged: “AfCFTA- The Road Ahead,”

What they are saying about AfCFTA

Managing Director, Coronation Merchant Bank, Mr Banjo Adegbohungbe, believes that member states in Africa Continental Free Trade Area (AfCFTA) should leverage resources and synergies to grow the continent’s trade finance globally.

According to him, the nations should understand that they should leverage resources not just for the benefit of the African continent but for global trade.

He said, “The emergence of the COVID-19 pandemic had led to rapid changes in the international trade landscape. The expansion of intra-African trade via the AfCFTA was a critical enabler for the Nigerian economy.

“From supply chain disruptions to higher logistics cost to the adoption of digital platforms, the landscape has continued to evolve. More than ever before, oganisations have been faced with multiple challenges while trying to meet their strategic objectives.

“As Africa continues on its journey to economic recovery, it must look inwards and strive to leverage the resources and synergies in growing trade finance not just for the benefit of Africa but for the whole world.”

Demola Adekoya, the bank’s Head of Corporate Banking, explained that the bank had decided to enlighten its clients on ways to navigate the uncertain times due to the new reality which enveloped the world.

According to him, the bank through its interactive session initiative will provide a platform to create significant value for customers around major issues that impact business objectives.

He said, “We have chosen to focus this initiative around the potentials and opportunities within the AfCFTA so as to explore the opportunities and provide winning insights for corporates on how to strategically position themselves to take advantage of the trade agreement.”

In case you missed it

When the Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa, Dr Vera Songwe disclosed that the African Continental Free Trade Area has the potential to increase Africa’s Gross Domestic Product by $1 trillion.

She made the remarks at the ECA’s Regional Business Forum, which was titled, “Empowering women youths to drive Africa’s transformation agenda.”

Songwe said, “In a crisis, the first thing we want to do is ensure we prevent good businesses from falling below and focus a lot on retention.

“Africa, in particular, the West African region, has the population dynamics working for it. The African population is estimated at 1.3 billion in 2020 of which over 250 million are the youth and it is estimated that 10 million to 12 million are entering the workforce every year but only 3.1 million of them find jobs.“

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