Zenith bank and AfCFTA signs agreement to develop SMART AfCFTA portal

Zenith Bank Plc has entered into a significant agreement with the African Continental Free Trade Area (AfCFTA) Secretariat, marking a major step towards enhancing trade interactions within the African continent. The collaboration involves the development of the innovative SMARTAfCFTA Portal, a dedicated platform aimed at promoting trade activities across the region.

Under this partnership, Zenith Bank has committed to financially support the creation and operation of the SMARTAfCFTA Portal with a substantial investment of one million dollars.

Addressing an international trade seminar organized by Zenith Bank, Wamkele Mene, Secretary General of AfCFTA, emphasized the urgent need for Nigeria to diversify its economic endeavors, particularly by venturing into automobile manufacturing. He highlighted the significant opportunity presented by the automotive sector to address the considerable gap in vehicle production across Africa, where only a few countries, namely South Africa, Morocco, and Egypt, are currently contributing to this industry.

Mene noted that with Africa’s substantial population, there is a substantial deficit of approximately five million vehicles per year. He underscored Nigeria’s potential to play a pivotal role in closing this gap, capitalizing on the financial support provided by Afreximbank’s $1 billion facility to countries engaging in vehicle manufacturing.

Mene recommended a proactive approach, urging immediate attention to the automotive sector as a catalyst for economic diversification. He stressed the multiplier effect of investments in the auto industry, leading to job creation, value addition, and industrialization.

On the agreement, Ebenezer Onyeagwu, Group Managing Director of Zenith Bank, highlighted the potential of AfCFTA implementation to bring prosperity to the entire African continent. He emphasized the pivotal role of the SMARTAfCFTA Portal in bolstering intra-Africa trade by offering a comprehensive platform to showcase and discover African products and services.

With this strategic collaboration and the forthcoming SMARTAfCFTA Portal, Zenith Bank aims to contribute significantly to the expansion and facilitation of trade activities within Africa, driving economic growth and enhancing the continent’s global trade footprint.

Zenith Bank Plc has entered into a significant agreement with the African Continental Free Trade Area (AfCFTA) Secretariat, marking a major step towards enhancing trade interactions within the African continent. The collaboration involves the development of the innovative SMARTAfCFTA Portal, a dedicated platform aimed at promoting trade activities across the region.

Under this partnership, Zenith Bank has committed to financially support the creation and operation of the SMARTAfCFTA Portal with a substantial investment of one million dollars.

Addressing an international trade seminar organized by Zenith Bank, Wamkele Mene, Secretary General of AfCFTA, emphasized the urgent need for Nigeria to diversify its economic endeavors, particularly by venturing into automobile manufacturing. He highlighted the significant opportunity presented by the automotive sector to address the considerable gap in vehicle production across Africa, where only a few countries, namely South Africa, Morocco, and Egypt, are currently contributing to this industry.

Mene noted that with Africa’s substantial population, there is a substantial deficit of approximately five million vehicles per year. He underscored Nigeria’s potential to play a pivotal role in closing this gap, capitalizing on the financial support provided by Afreximbank’s $1 billion facility to countries engaging in vehicle manufacturing.

Mene recommended a proactive approach, urging immediate attention to the automotive sector as a catalyst for economic diversification. He stressed the multiplier effect of investments in the auto industry, leading to job creation, value addition, and industrialization.

On the agreement, Ebenezer Onyeagwu, Group Managing Director of Zenith Bank, highlighted the potential of AfCFTA implementation to bring prosperity to the entire African continent. He emphasized the pivotal role of the SMARTAfCFTA Portal in bolstering intra-Africa trade by offering a comprehensive platform to showcase and discover African products and services.

With this strategic collaboration and the forthcoming SMARTAfCFTA Portal, Zenith Bank aims to contribute significantly to the expansion and facilitation of trade activities within Africa, driving economic growth and enhancing the continent’s global trade footprint.