African nations have been called upon to deepen trade among themselves to unlock economic potential, create jobs, and boost global competitiveness. This was the central theme at the inaugural Africa Trade Conference hosted by Access Bank Plc in Cape Town, South Africa, where industry leaders, policymakers, and trade experts gathered to address barriers hindering intra-African trade.
Access Bank’s CEO, Roosevelt Ogbonna, highlighted challenges such as limited access to capital, market information gaps, lack of trust between trading partners, and poor trade infrastructure. He stressed the need to strengthen Africa’s financial sector, promote local industries, and modernise trade routes to make intra-African trade seamless and competitive.
Ogbonna urged African businesses to invest in homegrown solutions, embrace the “Made in Africa” brand, and leverage technology to access market intelligence and foster trust. He also emphasised that fragmented global supply chains present an opportunity for Africa to build resilience by strengthening internal trade networks.
Wamkele Mene, Secretary-General of the African Continental Free Trade Area (AfCFTA), described the agreement as a tool for Africa’s industrialisation and economic sovereignty. He called for the full implementation of AfCFTA to empower businesses, particularly SMEs and women-led enterprises.
Afreximbank’s Executive Vice President, Kanayo Awani, reinforced the need for trade finance and infrastructure investment, showcasing the bank’s Pan-African Payment and Settlement System (PAPSS) as a solution to ease cross-border transactions and reduce dependence on foreign currencies.
The conference featured expert discussions on digital transformation, sustainable trade practices, and innovative financing. It concluded with awards recognising organisations driving intra-African trade and economic transformation, including Afreximbank, IFC, and major African companies like Dangote and MTN Group.
With Africa’s population expected to reach 2.5 billion by 2050, the conference reaffirmed the importance of fostering regional integration, investing in infrastructure, and empowering businesses to create a prosperous, self-sufficient continent.