By Stanley Onyeka, Lagos
Access Bank PLC, has highlighted the need for Africa to take control of its economic destiny by fostering deeper collaboration, investing in financial infrastructure, and creating homegrown solutions that drive sustainable growth.
Managing Director/CEO, Access Bank, Roosevelt Ogbonna, gave the charge yesterday, in Cape Town, South Africa, during the maiden Africa Trade Conference, a platform dedicated to unlocking the continent’s vast trade potential.
In a statement, the bank explained that the conference serves as a strategic response to the shifting global trade landscape, emphasising Africa’s need to build resilient economies through deeper regional collaboration and enhanced financial and trade infrastructure.
Mr Ogbonna was quoted as underscoring the shifting dynamics of global trade and increasing need for Africa to look inward, also noted that the world has become more fragmented, with rising nationalist tendencies and supply chain disruptions that have disproportionately impacted the continent.
These challenges, he argued, present an opportunity for Africa to strengthen its trade networks, support local businesses, and build the resilience needed to compete on a global scale. However, for this vision to become a reality, several structural barriers must be addressed.
Citing access to funds as one of the critical issues inhibiting expansion in Africa, he advocated a financial services sector that is designed to empower businesses, making capital more accessible and affordable.
He continued: “Many businesses on the continent struggle to find capital or access to capital and the right structure of capital, and when they do find it, the cost of capital is so significant that it makes it unbelievably expensive for them to be able to raise capital and still do business competitively. That has to change.
“We have to create a financial services sector that empowers businesses, one that makes it easier and seamless for businesses to be able to access capital, to be able to invest in growth, invest in innovation, and of course, the muscle they need to expand beyond their local boundaries.
“It is clear that we need to create a network of African financial giants who are willing to create homegrown solutions to support the continent in achieving the objectives that we have set for ourselves.”
Furthermore, he said that many African businesses lack the necessary insights to identify trade opportunities beyond their local markets.
The conference serves as a strategic response to the shifting global trade landscape, emphasising Africa’s need to build resilient economies through deeper regional collaboration and enhanced financial and trade infrastructure.
According to Mr. Ogbonna, leveraging technology to enhance information-sharing can bridge this gap, enabling businesses to make informed decisions and seize growth prospects across the continent.
He also tasked trading partners to address the issue of trust, noting that historic challenges, inconsistent regulations, and varying standards have contributed to a lack of confidence in intra-Africa trade.
Overcoming this scepticism, he affirmed, requires deliberate efforts to harmonise standards, foster cooperation, and shift perceptions about the quality of African goods and services.
He urged Africans to take pride in what they produce, invest in local industries, and reject the notion that products made on the continent are inferior to those from elsewhere.
The chief executive also emphasised the urgent need to modernise Africa’s trade routes and infrastructure. Drawing on historical examples, he pointed out that Africa once had well-established trade corridors that connected it to the Middle East and Asia.
Today, however, inefficient transport networks and regulatory bottlenecks make it easier for businesses in Angola to trade with Portugal than with South Africa or Nigeria.
He called for a renewed commitment to building the infrastructure and regulatory frameworks necessary to facilitate seamless trade across the continent, ensuring that goods, services, and capital can move freely between African nations.
