Stanbic Bank eyes regional trade integration as AfCFTA gathers momentum

Stanbic Bank CEO, Joshua Oigara, emphasized the importance of regional trade integration in Africa, particularly in East Africa, during an exclusive interview at the East Africa Business Summit in Tanzania's port city of Dar es Salaam. Oigara highlighted the significant role of Stanbic Bank in driving GDP expansion and change through enhancing regional trade. He noted that trade in the region has been growing at a rate of 15-20% over the last three years, reaching over $10.9 billion. Despite this growth, trade still accounts for less than 10% of the GDP in East Africa, a figure that Oigara believes should reach 20% by 2030. Key sectors such as manufacturing, transportation, energy, infrastructure, and technology are driving this growth, creating jobs and opportunities across the region. He also underscored the importance of integrating sustainability principles and ESG practices into business operations to ensure long-term growth and survival. Oigara expressed optimism about the future, predicting that more than a million new entrepreneurs would join the energy and infrastructure value chain by 2030, leading to a significant economic transformation. He emphasized the need for collaboration between public and private sectors to drive growth and overcome challenges such as non-tariff barriers and trade regulations. Stanbic Bank's strategic focus on convergence and collaboration aims to deliver complex products and solutions that benefit clients in East Africa, the Horn of Africa, and beyond, positioning the bank as a key player in driving regional and continental growth.