By Uche Usim
The Managing Director of Access Bank Plc, Roosevelt Ogbonna, has described the ripple effects of United States President, Donald Trump’s trade tariffs as a “blessing in disguise” for Africa, saying they present a unique opportunity for the continent to deepen economic integration and unlock the full potential of African Continental Free Trade Agreement (AfCFTA).
Speaking yesterday at a media parley in Lagos, Ogbonna said the shifting dynamics of global trade should inspire African nations to look inward and collaborate more effectively across borders.
“We need to take advantage of the Trump tariffs.
“We can deepen intra-African trade. We can create an African economic union, without necessarily creating one by an Act of Parliament”, he said.
He emphasised the importance of investing in African financial institutions to drive the continent’s development agenda. “Let your investments be with African banks so they grow,” Ogbonna urged, just as he pushed for stronger financial institutions that would fuel the growth of homegrown industries and enhance regional cooperation.
On housing and real estate, he revealed that plans are underway to create a mortgage ecosystem supported by state governments. “The mortgage initiative means that states will bring something to the table. Lagos, for example, is giving us land for free while we build the ecosystem around it,” he explained.
He added that Access Bank, which has operations in more than a dozen African countries, is focusing heavily on promoting intra-African trade.
“For us, every transaction is local,” Ogbonna said, pointing out that building trust and access to reliable information across borders is critical.
“We are creating a platform to manage and share information so that buyers know what to get and where to get it.”
Despite these ambitions, the Access Bank chief acknowledged the significant logistical and infrastructural hurdles that remain.
“It’s not easy to move goods within Africa. Most times, it’s easier to move goods to far east Asia from Nigeria than to move goods from Ghana to Angola. Some intra-African trade deals are wrapped up in weeks” Ogbonna noted.
He called for renewed efforts to improve cross-border trade corridors but providing infrastructure and simplifying the logistics chain.
On the banking side, Ogbonna highlighted that Access Bank’s non-performing loan (NPL) portfolio was within a comfortable limit, far better than its peers.
He also pointed to the impact of human capital flight, popularly referred to as the Japa syndrome, as a growing concern. “It’s affecting us, too. Raising and retaining human capital is not easy,” Ogbonna admitted.
Nonetheless, he expressed confidence in Africa’s future if the continent can harness its strengths, prioritise intra-African trade and invest in the systems and institutions that promote sustainable growth.