Yinka Sanni details Standard Bank’s Africa strategy, growth outlook

Yinka Sanni, the Chief Executive Officer for Africa Regions at Standard Bank Group, recently shared insights on the outlook for the African continent in an interview with CNBC Africa. Sanni expressed a mix of emotions regarding Africa's current state, acknowledging both the frustrations stemming from slow growth and the excitement for the bright future ahead. After navigating the challenges brought by the COVID-19 pandemic, Sanni highlighted the emerging opportunities and bright spots across Africa that are igniting optimism. With a presence in 20 countries in Africa and as the continent's largest bank by assets, Standard Bank Group is keen on driving Africa's growth and capitalizing on the potential opportunities that lie ahead. Sanni pointed out specific regions and industries where he sees significant growth potential. In East Africa, countries like Kenya, Uganda, and Tanzania are embarking on significant infrastructure projects that are expected to catalyze regional growth. Moving west, despite challenges in countries like Ghana and Nigeria, Sanni remains optimistic that solutions will be found, and growth will resume. In Southern Africa, particularly in South Africa, amidst economic contractions, there are still positive indicators to be encouraged about. Sanni also shed light on the potential for growth in Ethiopia, a rapidly expanding economy that Standard Bank Group is closely monitoring. Regarding entering the Ethiopian market, Sanni emphasized the importance of respecting regulatory guidelines and following the process outlined by authorities. Expressing his concerns as a West African, Sanni highlighted the importance of faster growth in countries like Nigeria to harness the vast opportunities present. Additionally, he mentioned the challenges in Ghana and the Democratic Republic of the Congo as areas needing improvement. Sanni also discussed the Africa Continental Free Trade Area (AfCFTA) and the progress being made towards greater integration among African countries. Standard Bank Group recently launched the Africa Trade Barometer, a tool aimed at gathering key trade data to facilitate better commerce among African companies. Sanni concluded the interview by acknowledging the tragic situation in Ukraine and the potential opportunity it presents for Africa to enhance self-reliance, particularly in food production and related industries. He emphasized the importance of leveraging Africa's natural resources and capabilities to capitalize on this moment. Overall, Sanni's insights underscore the optimism and potential for growth in Africa, highlighting the importance of strategic initiatives and collaboration to drive the continent's development.