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| L-R: Wamkele Mene, Secretary General of the AfCFTA; Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC); Trudi MAKHAYA, Partner, BCG, and Roosevelt Ogbonna, Managing Director/CEO, Access Bank, shortly after their conversation on 'Fast-tracking African Integration: The Private Sector Imperative', held at the Africa CEO Forum in Abidjan, Côte d'Ivoire... recently. |
At the Africa CEO Forum, leaders from across the
continent gathered to discuss the critical role of private sector-led growth in
the development of African trade and market integration under the topic
“Fast-tracking African Integration: The Private Sector Imperative”. The
session, which was one of the highlights of the 2-day event in Abidjan, saw Roosevelt
Ogbonna, Managing Director/Chief Executive Officer of Access Bank, join Wamkele
Mene, Secretary General of the AfCFTA, and Samaila Zubairu, President & CEO
of Africa Finance Corporation (AFC), in a powerful conversation focused on the
opportunities and challenges for Africa in the face of shifting global trade
dynamics.
The panellists were united in their belief that Africa’s transformation hinges on the development of regional value chains, the scaling of intra-African trade, and the need to build both financial and infrastructural capacities that will enable economic integration. In his remarks, Ogbonna underscored the potential for the continent to reframe its narrative and urged African nations to embrace their strengths.
He stated, “Years ago, if you told someone
something was made in China or Taiwan, it was often seen as inferior. Fast
forward 30, 40 years, and now ‘Made in China’ is a symbol of quality, and ‘Made
in Taiwan’ commands respect globally. The difference? These countries built a
strong domestic market that allowed them to scale, build proficiency, and
innovate. Africa is no different. We have everything we need, from abundant raw
materials and vast natural resources to a youthful population and fertile
land. There is no reason why Africa has not yet transformed itself into the
powerhouse we know it can be. Africa has what it takes to win, and my charge
remains the same as I gave during our inaugural Africa Trade Conference in
South Africa: Buy Africa, it’s not inferior!”
Mene and Zubairu echoed Ogbonna’s sentiments, with
Mene highlighting the tangible steps taken to drive integration, such as the
introduction of the e-Tariff Book and the AfCFTA Adjustment Fund. Zubairu
emphasized the critical need for synergy between public and private investment
to address Africa’s infrastructure gaps and finance its development priorities.
The discussion also focused on the barriers
preventing the scaling of intra-African trade, notably the lack of adequate
logistics and transport infrastructure. The Pan-African Payments and Settlement
System (PAPSS) was highlighted as a potential game-changer in unlocking new
cross-border trade opportunities by facilitating smoother payments and
transactions.
Ogbonna reinforced the importance of private sector
involvement in regional trade, particularly for micro, small, and medium-sized
enterprises (MSMEs). “Africa’s MSMEs are the backbone of its economy,” he said,
“yet they face a trade finance gap of around $120 billion. Financial
institutions must innovate to close this gap and provide the liquidity these
businesses need to grow and scale.”
As Africa continues to explore new avenues for
trade and investment, Ogbonna’s message resonated with the audience: the time
is now for Africans to believe in Africa, invest in Africa, and transform the
continent into the economic powerhouse it is destined to be.
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