AfCFTA: Bank chief urges Africa to grow trade finance

Managing Director, Coronation Merchant Bank, Mr Banjo Adegbohungbe, has charged member states in Africa Continental Free Trade Area (AfCFTA) to leverage resources and synergies to grow the continent’s trade finance globally.

Adegbohungbe, in a statement said the charge was pertinent not just for the benefit of the African continent but for global trade.

The Coronation Bank MD noted that the emergence of the COVID-19 pandemic had led to rapid changes in the international trade landscape.

He stated that the expansion of intra-African trade via the AfCFTA was a critical enabler for the Nigerian economy.

“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,” he said.

Also, Mr Demola Adekoya, its Head of Corporate Banking, said that the bank had decided to enlighten its clients on ways to navigate the uncertain times due to the new reality which enveloped the world.

According to him, the bank through its interactive session initiative will provide a platform to create significant value for customers around major 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,” he said. (NAN)