Bank tasks investors on intra-African trade

Stanbic IBTC Bank PLC has urged Nigerian investors and business owners to harness and maximise the business opportunities that are inherent in the African Continental Free Trade Area (AfCFTA) agreement.

This will help boost intra-Africa trade beyond the current level of 17 per cent as well as promote industrialisation and the economic growth of the continent, the bank said at the weekend.

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The Chief Executive, Stanbic IBTC Bank PLC, Wole Adeniyi, made the call at the African Continental Free Trade Area webinar organised by Stanbic IBTC themed ‘AfCFTA State of Play: Understanding Potential and Maximising Opportunities for the Customer’.

Adeniyi stated that multiple studies have shown that the increase in trade has a direct impact on reducing unemployment and poverty in societies, and noted that the AfCFTA agreement presents numerous trade opportunities that are both exciting and promising not just for the continent but specifically for the Nigerian market.