By Jeph Ajobaju, Chief Copy Editor
Africa Continental Free Trade Area (AfCFTA) members can leverage resources to increase trade finance globally, according to experts in Coronation Merchant Bank.
Coronation Merchant Bank Managing Director Banjo Adegbohungbe urged member states to leverage resources not just for the benefit of the continent but for global trade.
He said the emergence of the pandemic led to rapid changes on the international trade landscape and the expansion of intra-African trade via the AfCFTA is a critical enabler for the Nigerian economy, per Nairametrics reporting on the bank’s interactive section on “AfCFTA – The Road Ahead”.
“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,” Adegbohungbe said
Coronation Merchant Bank Head of Corporate Banking Demola Adekoya explained that the bank has decided to enlighten its clients on ways to navigate the uncertain times due to the new reality in the world.
According to him, the bank through its interactive session initiative will provide a platform to create value for customers around issues that impact business objectives.
“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,” Adekoya added.
AfCFTA can raise Africa’s GDP by $1tr
Vera Songwe, United Nations Under Secretary General and Executive Secretary of the Economic Commission for Africa (ECA), has disclosed that AfCFTA has the potential to increase Africa’s Gross Domestic Product by $1 trillion.
“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,” she said at the ECA Regional Business Forum on empowering women youths to drive Africa’s transformation agenda.
“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.”
