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Access Bank Hosts Pioneering Africa Trade Conference in Cape Town

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Access Bank PLC is set to host its first-ever Africa Trade Conference (ATC), a landmark event focused on advancing Africa’s economic transformation under the theme, ‘Empowering Africa Through Trade, Innovation, and Sustainable Growth’.

A statement said the conference scheduled for March 12 in Cape Town, South Africa, is poised to bring together the most influential voices in trade, finance, and policy to address the future of commerce across the continent.

Noting that with Africa’s trade finance gap estimated at $81 billion annually, the statement said the conference aims to tackle the systemic challenges hindering trade, particularly for SMEs and domestic firms.

It also said by fostering collaboration among key stakeholders, the Conference will explore innovative solutions, sustainable trade practices, and strategies for expanding African economies into global value chains.

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Group Managing Director/Chief Executive Officer, Access Bank PLC, Roosevelt Ogbonna, emphasised the importance of the Africa Trade Conference, in addressing these pressing issues. “The Africa Trade Conference represents a crucial step in redefining Africa’s trade potential. By creating platforms for dialogue, innovation, and actionable solutions, Access Bank is enabling African businesses to connect and thrive in the global economy,” Ogbonna said.

Access Bank’s presence across 24 countries globally, including 16 in Africa, provides a unique advantage in facilitating inter- and intra-African trade. The Bank’s growing network positions it as a key player in addressing trade complexities and promoting inclusive growth across the continent.

Director, African Subsidiaries, Access Bank, Seyi Kumapayi, Executive, highlighted the broader vision of the forum, saying, “The Africa Trade Conference is a platform to not only address Africa’s trade challenges, but to champion the continent’s opportunities. Through strategic partnerships, tailored financial solutions, built on the ethos of sustainability, we are paving the way for Africa’s businesses to take their place on the global stage.”

According to the statement, this flagship event will convene a distinguished line-up of seasoned speakers, and top executives from leading international banks, Development Finance Institutions (DFIs), and captains of industry in Africa.

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The ATC will also shine a spotlight on the transformative potential of the Africa Continental Free Trade Area (AfCFTA), which aims to reduce trade barriers, enhance infrastructure, and integrate African economies into global trade networks. Furthermore, the event will explore critical themes shaping the continent’s economic future, including the transformative role of digitisation and innovation in global trade, solutions for overcoming trade barriers to enhance market access, as well as sustainable trade practices and innovative financing models, thereby providing a comprehensive roadmap for advancing Africa’s position in global commerce.

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Economy

FG’s deficit spending declines 15% to N908.13bn

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The Federal Government’s (FG) deficit spending saw a 15 percent reduction month-on-month (MoM), falling to N908.13 billion in November 2024 from N1.07 trillion in October 2024.

This information was disclosed by the Central Bank of Nigeria (CBN) in its November Economic Report, which noted that the decline was linked to a decrease in capital spending, attributed to delays in the release of capital allocations.

The CBN said: “The overall fiscal balance of the FGN narrowed in November 2024.

“Provisional data showed that the overall deficit contracted by 15 per cent relative to the preceding month but was 18.72 per cent above the target.

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“The contraction reflected lower capital spending due, largely, to delay in capital releases.”

The CBN also said that FG’s retained revenue rose to N820 billion while its expenditure fell to N1.7 trillion due to lower capital spending recorded during the review period.

According to the CBN, “FGN retained revenue rose during the review period owing, largely, to higher receipts from FGN’s share of VAT pool and exchange gain.”

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Economy

Naira records three-day rise against dollar on black market

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The Nigerian naira has shown a trend of appreciation against the dollar for three consecutive days in the parallel foreign exchange market, finishing the week on a positive note this past Friday.

Abubakar Alhasan, a Bureau de Change operator located in Wuse Zone 4, Abuja, told DAILY POST that the naira rose to N1,565 per dollar on Friday, up from N1,570 the previous day.

This represents a daily gain of N5 against the dollar, compared to the N1,570 rate recorded on Thursday.

In total, the naira has appreciated by N15 against the dollar in the black market over the last three days.

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However, in the official market, the naira continued to depreciate as of Thursday, according to data from the Central Bank of Nigeria.

The apex bank’s exchange rate data showed that the naira fell to N1,507.88 per dollar on Thursday from N1,504.30 on Wednesday.

Overall, exchange rate movements across FX markets showed that the naira ended the week with mixed sentiments of losses and gains against other foreign currencies.

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Nigeria remains Africa’s largest economy, says World Bank

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The World Bank’s Country Director for Nigeria, Dr. Ndiame Diop, has confirmed that Nigeria remains the largest economy in Africa by Gross Domestic Product (GDP) despite the challenges faced by its private sector.

Speaking at the Country Private Sector Diagnostic (CPSD) and Stakeholder Engagement in Abuja yesterday, Dr. Diop said while Nigeria receives far less Foreign Direct Investment (FDI) than its potential warrants—especially in comparison to countries like Indonesia and South Africa—it continues to hold its position as Africa’s biggest economy.

He stated that the CPSD report, set to be released in the coming weeks, will reveal the impact of private sector constraints on economic growth.

He noted that if targeted actions were taken to remove these obstacles, Nigeria’s economic potential would be significantly enhanced.

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The current macroeconomic reforms, he explained, have created a favorable environment for such changes. He cited the country’s recent economic stabilization measures, particularly exchange rate market adjustments and improved access to foreign exchange, as critical steps that have already enhanced investment conditions.

Dr. Diop outlined four key sectors where strategic reforms could unlock massive investment and job creation. In the Information Communication Technology (ICT) sector, investment opportunities worth up to $4 billion could be realized, potentially creating more than 200,000 jobs.

In agribusiness, reforms could unlock $6 billion in investment and generate over 275,000 jobs.

The solar photovoltaic (PV) industry holds the potential for $8.5 billion in investment and more than 129,000 jobs, while the pharmaceutical sector could attract $1.6 billion and create more than 30,000 to 40,000 jobs.

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For the ICT sector, he identified the high, unpredictable, and inconsistent right-of-way fees, levies, and informal charges—comprising 30 to 70 per cent of broadband rollout costs—as a major barrier. Addressing these regulatory inconsistencies, he argued, would be a game-changer for broadband expansion. He acknowledged that the National Economic Council has recognized this issue and that progress is being made through a World Bank-supported initiative.

Additionally, he pointed to challenges such as vandalism, limited financing for rural broadband expansion, and the need for competitive access to wholesale fiber. He noted that efforts are underway in collaboration with government agencies to resolve these issues, and the World Bank, the International Finance Corporation (IFC), and private investors are prepared to support broadband infrastructure development.

On solar power, Dr. Diop described Nigeria’s energy sector as difficult but noted that renewable energy access, particularly solar PV, has been a bright spot. He explained that private sector investment in renewable energy has historically been hindered by high costs and unviable tariffs. However, blended finance mechanisms supported by the World Bank and IFC have helped bridge this gap, making off-grid solutions more viable.

He pointed to the DES project, which aims to connect 17.5 million households and businesses to solar power, as evidence of growing private sector interest. While the solar industry is expanding, he stressed that reforms to improve Nigeria’s grid electricity supply remain crucial for industrialization.

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The Regional Director for Central Africa and Anglophone West Africa at the IFC, Dr. Dahlia Khalifa, stressed the importance of consistency in regulatory policies, particularly in customs duties and revenue agency fees. She noted that unpredictability discourages private sector investment, as businesses rely on stable regulatory environments for strategic planning.

Khalifa also pointed out that while direct job creation in the pharmaceutical sector may be lower compared to other industries, improved healthcare services would yield far-reaching economic benefits.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, commended the IFC for its support across critical sectors, including agriculture, infrastructure, and pharmaceuticals. He highlighted key financing partnerships such as the $1.2 billion facility for Indorama’s fertilizer expansion in Eleme, investments in cocoa processing, and a $70 million SME financing initiative with First City Monument Bank.

He also acknowledged IFC’s latest commitment of $70 million to five Nigerian companies under the Distributive Access to Renewable Energy programme, part of the federal government’s broader Mission 300 initiative.

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Edun said President Bola Tinubu’s administration has undertaken bold and necessary reforms that have reshaped Nigeria’s economic landscape. He noted that the removal of wasteful subsidies has strengthened government finances, while improved security has boosted oil production and revenue.

He highlighted that private sector confidence is growing, with new investments beginning to materialize in response to the government’s policy changes.

The minister restated the administration’s commitment to addressing the cost-of-living crisis, particularly through increased food production and affordability measures. He acknowledged that reforms such as the removal of fuel subsidies and the adoption of market-based pricing mechanisms have led to short-term inflationary pressures.

However, he assured that targeted interventions, including direct cash transfers to vulnerable citizens with World Bank support, will help mitigate the impact.

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He insisted that the government remains determined to leverage technology to ensure swift, biometric-enabled assistance to those in need.

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