[Advertorial]Coronation Merchant Bank holds 2nd edition of its Interactive Session Series themed AfCFTA – The Road Ahead -GCFRNG
Nigeria’s leading financial institution, Coronation Merchant Bank, recently held the second edition of its Interactive Session Series on the theme “AfCFTA – The Road Ahead”.
The event, which was held virtually, was attended by expert speakers such as Francis Anatogu, Executive Secretary, National Action Committee on the African Continental Free Trade Area; Komi Tsowou, Economic Affairs Officer, African Trade Policy Center, Trade and Regional Integration Division, United Nations Economic Commission for Africa and Chinwe Egwim, Chief Economist, Coronation Merchant Bank.
Other speakers and panelists in the session were Demola Adekoya, Director of Corporate Banking, Coronation Merchant Bank and Kesiena Esievo, Director of Global Trade, Coronation Merchant Bank.
Speaking about seizing the opportunities in AfCFTA and charting a course for Africa’s economic recovery, Francis Anatogu said, “The strategic objective of Nigeria’s participation in AfCFTA was to capture 10% of Africa’s imports, as well as double the income from export from the country by 2025. The AfCFTA provides a platform to improve resilience in our economy and make all statistics economically viable.
Speaking about building a trading system powered by Africans and delivered to the world, Komi Tsowo noted that, “Almost everything is exported primarily from the rest of the world, which means there is a huge gap that products made in Africa can fill. One thing that COVID-19 has shown us is that during the crisis, supply disruption makes countries that rely heavily on remote markets very vulnerable.
“The AfCFTA is creating an African market for African products that will contribute to reducing this export gap and our excessive dependence on exports from world markets. By 2045, domestic trade can increase by as much as 40% with AfCFTA as a catalyst compared to 20% if AfCFTA were not in force ”.
In his welcoming remarks, Banjo Adegbohungbe, Managing Director / Chief Executive Officer of Coronation Merchant Bank, said: “Since the emergence of the COVID-19 pandemic in 2020, the international trade landscape has undergone rapid change. From supply chain disruptions to higher logistics costs and adoption of digital platforms, the landscape has continued to evolve. More than ever, organizations have faced multiple challenges when trying to meet their strategic objectives.
He further stated that: Perhaps now more than ever, the expansion of intra-African trade is a critical enabler for the Nigerian economy. As Africa continues on its path to economic recovery, it must look inward and strive to harness the resources and synergies in growing trade finance, not just for Africa but for the entire world.
Demola Adekoya, Group Head, Corporate Banking, stated that: “In this new reality that has engulfed the entire world, we have a duty to enlighten our clients on how they can navigate these uncertain times. The interactive crowning session is an ongoing event that provides a platform to create significant value for our clients around the top issues impacting their business goals. We have chosen to center this webinar around the potentials and opportunities within the AfCFTA to explore the opportunities and provide winning insights for companies on how to strategically position themselves to take advantage of the trade agreement.
About Coronation Merchant Bank
Coronation Merchant Bank was established in 2015 to provide wholesale banking to a long-neglected market. The Bank offers Corporate and Investment Banking, Private Banking / Wealth Management and Global Markets / Treasury Services to its niche clientele. It currently has two branches located in Abuja and Port Harcourt with its head office in Lagos, Nigeria.
The Bank has received numerous national and international awards for product innovation and sound corporate governance practices. Some of the international awards it received in 2021, 2020 and 2019 include Best Investment Bank in Nigeria by Global Finance, Best Investment Bank in Nigeria by World Finance, Best Investment Bank in Nigeria by Global Banking & Finance Review, Best Investment Bank in Nigeria Investments by Global Business Outlook and Best Investment Bank in Nigeria by International Finance.
The Bank’s agile business strategy has enabled it to achieve considerable success in the few years of its operations. The bank has received a “B-” rating with a stable outlook from Fitch, one of the top three global rating agencies, making it the first and only Nigerian merchant bank to receive an international risk rating. It has also obtained a strong investment grade rating of “A +” with a stable outlook in 2021 (the highest among Nigerian merchant banks) from Nigeria’s largest rating agency – Agusto & Co.