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NEWS UPDATE: Coronation Merchant Bank holds Interactive Session Series on AfCFTA – The Road Ahead

NEWS UPDATE: Coronation Merchant Bank holds Interactive Session Series on AfCFTA – The Road Ahead

Nigeria’s leading financial institution, Coronation Merchant Bank of late held the 2nd edition of its Interactive Session Series themed ‘AfCFTA – The Route Ahead’.

The virtual case featured Francis Anatogu, Executive Secretarial assistant, National Activity Commission on the African Continental Unloose Merchandise Area; Komi Tsowou, Economical Affairs Officer at African Merchandise Policy Midpoint, United Nations Economical Commission for Africa, and Chinwe Egwim, Main Economist, Coronation Merchant Bank.

Other speakers and panelists at the session included Demola Adekoya, Chief, Corporate Banking, Coronation Merchant Bank and Kesiena Esievo, Chief, Global Merchandise, Coronation Merchant Bank.

On opportunities in AfCFTA and plotting a class for Africa’s economical recovery, Anatogu said the strategic objective of Nigeria’s participation was to capture 10% of Africa’s imports and double the country’s export revenues by 2025.

“The AfCFTA provides a platform to improve resilience in our economic system and create every province economically feasible”, he explained.

On building a merchandise system that is driven by Africans and delivered to the world, Tsowou famous that nearly everything is beingness exported mainly from the ease of the world which way there is a huge gap that products made in Africa can render.

“One thing COVID-19 has shown us is that during crisis, render disruption makes countries that are heavily dependent on remote markets rattling vulnerable.

“The AfCFTA is creating an African marketplace for African products which will contribute to the reduction of this export gap and our over reliance on exports of world markets.

“By 2045, intra-trade can growth as much as 40 per cent with the AfCFTA as a catalyst compared to 20 per cent whether the AfCFTA was not in location”, the expert said.

Banjo Adegbohungbe, Managing Manager/Main Executive Officer of Coronation Merchant Bank, observed that since the outbreak of the COVID-19 pandemic in 2020, the international merchandise landscape has undergone rapid changes.

“From render chain disruptions to higher logistics cost to the adoption of digital platforms, the landscape has continued to evolve. To a greater extent than ever before, oganisations have been faced with multiple challenges patch trying to run into their strategic objectives

“The expansion of Intra-African merchandise is a critical enabler for the Nigerian economic system. As Africa continues on its journeying to economical recovery, it must seem inwards and strive to leverage the resources and synergies in growing merchandise finance not just for the advatage of Africa but for the whole world.”

Demola Adekoya, Grouping Chief, Corporate Banking stated that institutions have a duty “to enlighten clients on how they can navigate these uncertain times”.

Adekoya said the Coronation Interactive Session provides a platform to create important value for customers around major issues that impact their business objectives.

“We have chosen to focus this webinar around the potentials and opportunities within the AfCFTA so as to explore the opportunities and provide winning insights for corporates on how to strategically place themselves to take reward of the merchandise understanding”, he added.

Established in 2015, Coronation Merchant Bank offers Corporate & Investment Banking, Private Banking/Wealth Direction and, Global Markets/Treasury Services to its niche clientele. It has 2 branches located in Abuja and Port Harcourt with its Chief Business office in Lagos.

The bank has recieved international and national awards for production innovation and sound corporate governance practices.

Some bagged 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 by Global Business Outlook, and Best Investment Bank in Nigeria by International Finance.

The bank has been rated ‘B-‘ with a Steady Outlook by Fitch, one of the ‘Top 3’ global rating agencies, making it the firstly and only Nigerian Merchant Bank to get an international risk rating. It also attained a strong investment grade rating of “A+” with a steady outlook in 2021 (the highest amidst Merchant Banks in Nigeria), according to foremost rating agency, Agusto & Co.

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