Africa’s Micro, Small, and Medium-sized Enterprises (MSMEs) are the backbone of its economy, yet they face a trade finance gap of around $120 billion, Managing Director/Chief Executive Officer of Access Bank, Roosevelt Ogbonna, has said.

Ogbonna, who spoke at the Africa CEO Forum, in Abidjan, reinforced the importance of private sector involvement in regional trade, particularly for MSMEs.
He said: “Financial institutions must innovate to close this finance gap and provide the liquidity these businesses need to grow and scale up.”
Noting that African products are not inferior, he urged everyone to buy Africa, imploring nations to embrace areas of 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, ‘Made in China’ is a symbol of quality, and ‘Made in Taiwan’ commands respect globally. The difference is 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 natural resources, to a youthful population and fertile land.

“There is no reason 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!”

Ogbonna reinforced the importance of private sector involvement in regional trade, particularly for MSMEs.

Secretary-General of the AfCFTA, WamkeleMene, highlighted the tangible steps taken to drive integration, such as the introduction of the e-tariff book and the AfCFTA Adjustment Fund.

President and Chief Executive Officer of Africa Finance Corporation (AFC), SamailaZubairu, emphasised the critical need for synergy between public and private sector to address Africa’s infrastructure gaps and finance its development priorities.