Onyeagwu: SMARTAfCFTA among new verticals to boost trade
The Group Managing Director and Chief Executive Officer of Zenith Bank, Ebenezer Onyeagwu says the SMARTAfCFTA portal is among the new verticals the bank is exploring to boost trade and investment on the African continent. In a chat with CNBC Africa at the Bank's 8th International Trade Seminar, he says work is underway to boost documentation and reporting of activities in the service export space while reiterating the importance of value addition in Africa.
Fri, 11 Aug 2023 10:44:43 GMT
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AI Generated Summary
- The importance of adding value to products in Africa to increase revenue and prosperity
- The significance of the SMARTAfCFTA portal in promoting intra-African trade and visibility of African goods and services
- The focus on documenting and reporting activities in the services sector to enhance transparency and track record for increased investment flows
Zenith Bank is making significant strides in exploring new verticals to boost trade and investment on the African continent. The Group Managing Director and Chief Executive Officer of Zenith Bank, Ebenezer Onyeagwu, highlighted in a chat with CNBC Africa at the Bank's 8th International Trade Seminar that the SMARTAfCFTA portal is among the innovative initiatives being pursued. One key theme reiterated by Onyeagwu is the importance of value addition in Africa. He emphasized the need to move away from exporting primary products, as it limits the potential for earning significant revenue. Onyeagwu illustrated this point by comparing the $100 billion global coffee business to the $6 billion generated by African coffee exports. He stressed that value addition is crucial for prosperity, employment generation, and changing the narrative around African products. By focusing on adding value within the continent, Africa can unlock new opportunities for growth and development.
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