The managing director/CEO of Access Bank Plc, Roosevelt Ogbonna, has canvassed 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.
Ogbonna stated this at the maiden Africa Trade Conference, a platform dedicated to unlocking the continent’s vast trade potential. 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. Ogbonna underscored the shifting dynamics of global trade and increasing need for Africa to look inward.
The world, he noted, 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, he stated.
Ogbonna identified the challenges businesses face in securing capital, saying, ‘While many African enterprises have the ambition to scale, the excessive cost of financing often inhibits their ability to expand.’ He advocated a financial services sector that is designed to empower businesses, making capital more accessible and affordable.
He explained that, “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 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 Africa financial giants who are willing to create homegrown solutions to support the continent in achieving the objectives that we have set for ourselves.”
Apart from capital, Ogbonna highlighted “the critical role of access to information. Many businesses struggle to find the data and intelligence necessary to make informed decisions and identify opportunities beyond their national borders.”
He stressed that leveraging technology to bridge this gap will be instrumental in driving cross-border trade and creating a more connected Africa. Ogbonna urged governments, financial institutions, and businesses to leverage platforms like the Africa Trade Conference.
The Access Bank Africa Trade Conference represents a significant step toward fostering dialogue, building partnerships, and driving policy initiatives that support Africa’s economic transformation.
