Bamidele Famoofo
Roosevelt Ogbonna, managing director/chief executive officer of Access Bank
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 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.
He noted that the difference was that 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!” he said.
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.
