AfCFTA Secretariat & Zenith Bank sign MoU for SMARTAfCFTA portal

In a move to enhance intra-African trade, the African Continental Free Trade Area Secretariat has partnered with Zenith Bank to establish the SMARTAfCFTA portal. This Memorandum of Understanding signifies a shared vision to deploy digital tools to foster trade among African nations. Wamkele Mene, the Secretary General of the AfCFTA Secretariat, expressed his gratitude towards Zenith Bank for their commitment to making this partnership a reality. During a recent interview, Mene highlighted the importance of diversifying markets and increasing trade activities. He emphasized the need for prompt action to overcome barriers hindering trade growth. Mene indicated that significant progress has been made in developing protocols for digital trade, as well as promoting trade opportunities for women and youth. These initiatives are expected to be finalized by the end of the year. Furthermore, Mene praised Zenith Bank for hosting an annual seminar on the diversification of Nigeria's economy. He noted that this effort is not only beneficial for Nigeria but also for numerous African countries facing similar economic challenges. Mene acknowledged the need to enhance the contribution of non-oil and gas sectors to overall trade and GDP, a sentiment echoed by many stakeholders. The Guided Trade Initiative, launched last year, has yielded positive outcomes in countries like Ghana and Kenya. This year, the initiative is set to expand to 30 countries, demonstrating a growing commitment to intra-African trade within the AfCFTA framework. Nigeria's participation in the Guided Trade Initiative in October is anticipated to focus on exporting value-added products to other African nations, aiming to capitalize on the country's vast economic potential. However, amid efforts to strengthen regional integration and trade, geopolitical tensions pose a threat to stability. The recent military takeover in Niger has raised concerns about its impact on trade and integration across the continent. Mene emphasized the importance of resolving such political challenges swiftly to prevent disruptions in cross-border trade and market access. In conclusion, Mene reiterated the critical role of the African Union and regional economic communities in addressing instability and promoting sustainable trade practices. The collaboration between the AfCFTA Secretariat and Zenith Bank stands as a testament to the collective commitment to driving economic growth and prosperity through enhanced intra-African trade.