Access Bank PLC, today, assembled prominent policymakers, corporate leaders, and industry stakeholders for the inaugural Africa Trade Conference, a forum aimed at unlocking the continent’s extensive trade potential.
The conference acts as a strategic response to the evolving global trade landscape, underscoring Africa’s necessity to cultivate resilient economies through deeper regional cooperation and improved financial and trade infrastructure.
In his address to attendees in Cape Town, Managing Director/Chief Executive Officer of Access Bank PLC, Roosevelt Ogbonna, emphasized the importance of Africa seizing control of its economic future by nurturing deeper collaboration, investing in financial infrastructure, and developing locally-sourced solutions that promote sustainable growth.
Ogbonna stressed the changing dynamics of global trade and the heightened requirement for Africa to turn inward, observing that the world has become increasingly fragmented, with rising nationalist sentiments and supply chain disruptions that have disproportionately affected the continent.
These challenges, he contended, offer an opportunity for Africa to fortify its trade networks, support local enterprises, and build the resilience necessary to compete on a global scale.
However, he stated that for this vision to materialize, numerous structural obstructions must be resolved.
One of the pivotal issues identified by Ogbonna is the difficulties businesses encounter in obtaining capital. Although many African enterprises aspire to scale, the exorbitant cost of financing frequently impedes their capacity to grow.
He advocated for a financial services sector designed to empower businesses, making capital more accessible and affordable.
“Many businesses on the continent grapple with securing capital or achieving adequate access to capital and the proper capital structure, and when they do manage to find it, the cost of capital is so considerable that it renders it extraordinarily expensive for them to raise capital and still operate competitively. That must change. We have to develop a financial services sector that empowers businesses, one that simplifies and streamlines access to capital, enabling them to invest in growth, invest in innovation, and of course, providing the resources necessary to expand beyond their local confines. It is evident that we need to establish a network of African financial giants willing to forge homegrown solutions to assist the continent in realizing the objectives we have set for ourselves. ”
In addition to financial limitations, limited access to market intelligence remains a significant obstacle. Numerous African businesses lack the essential insights to identify trade opportunities beyond their local markets. Utilizing technology to enhance information-sharing can bridge this gap, allowing businesses to make informed decisions and seize growth opportunities across the continent.
