AfreximBank, GAIN urge entrepreneurs to leverage AfCTA opportunities

The African Export-Import Bank (AfreximBank) has tasked entrepreneurs to take advantage of the opportunities presented by the African Continental Free Trade Area (AfCFTA).

The continental bank stated this at the 2024 Masterclass on Entrepreneurship and Intra-African Trade.

The masterclass, which was organised by the Grand Africa Initiative (GAIN) in partnership with AfreximBank, witnessed the training of 300 emerging business leaders from across the continent on entrepreneurship and intra-African trade.

The Guardian reports that the AfCFTA is a free trade agreement established among 54 of the 55 African Union countries, creating the largest free trade area in the world by the number of participating countries.

In his remarks, Associate AU/AfCFTA Relations and Trade Policy (ARTP) representative of AfreximBank, Chidozie Ezeani, stressed the bank’s commitment to supporting African youth.

He described them as the continent’s most valuable resources, noting the importance of equipping young entrepreneurs with the necessary skills, information, and access to opportunities presented by the AfCFTA.

The programme, he said, was designed to equip young African entrepreneurs with the skills required to build their businesses and thrive in the expanding intra-African market.

The six-week intensive training focused on fostering the entrepreneurial capabilities of young Africans, stressing the importance of expanding businesses beyond national borders and leveraging opportunities provided by the African Continental Free Trade Area (AfCFTA).

The participants, selected from various regions of Africa, engaged in a comprehensive curriculum that included technical guidance, practical training, and business advisory sessions led by a distinguished faculty of international experts.

“The Masterclass comprehensively covers a broad range of essential topics, equipping participants with the knowledge and skills required to develop and sustain a fully functional and thriving business.

“The curriculum includes critical areas such as business idea formulation and planning, identification of market opportunities, and strategies for business partnerships.

“Participants gained insights into strategic marketing and sales techniques, business branding, communication strategies, and customer service excellence.

“It also highlighted the significance of inclusivity, with particular attention to supporting young entrepreneurs, women, and small and medium-sized enterprises (SMEs). This aligns with the broader objectives of AfCFTA, aiming to create a more integrated and self-sustaining African economy,” Ezeani said.

On her part, the Programme Officer at GAIN and coordinator for the training, Janet Oladapo, said the programme has consistently provided essential support to young entrepreneurs across Africa, equipping them with the expertise, networks, and mentorship crucial for their business development.

“This year has proven to be no different, and we are excited to see the outcomes of the participants’ efforts as they apply what they have learned,” she stated.