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Zenith Bank Plc has entered into a Memorandum of Understanding (MoU) with the African Continental Free Trade Area (AfCFTA) Secretariat to jointly develop the SMARTAfCFTA Portal, aimed at promoting intra-African trade.
According to the bank’s statement, the SMARTAfCFTA Portal possesses the capability to provide essential trade information such as trade indicators, market trends, customs tariffs, trade agreements, rules of origin, and market access requirements of relevant jurisdictions.
The platform’s features also include insights into export potentials, diversification indicators, and contact details of business partners in target markets, along with other trade-related information about Africa. The portal is envisioned to unlock significant trade opportunities across the African continent.
The MoU was formally signed by Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank, and Wamkele Mene, the Secretary-General of the AfCFTA Secretariat. The signing took place during the 8th annual Zenith Bank International Trade Seminar on non-oil export, which was held both physically and virtually in Lagos.
Dr. Onyeagwu expressed the significance of the partnership with AfCFTA for the development of the SMARTAfCFTA Portal. He emphasized the intention to harness the vast potential offered by AfCFTA for the economic growth of Nigeria and for fostering trade relations among African nations.
The Zenith Bank Trade Seminar has played a pivotal role in promoting non-oil exports in Nigeria. The seminar serves as a platform to engage with non-oil export practitioners and relevant government agencies to address challenges and explore opportunities in the sector. Recommendations from previous editions of the seminar have influenced policies such as extending the period of repatriation of non-oil export proceeds and the requirement of Nigeria Export Proceeds Form Number for exports.
In his remarks, Wamkele Mene praised Zenith Bank’s commitment to digitizing trade in Africa through the SMARTAfCFTA Portal. He highlighted Zenith Bank’s pivotal role in initiating the idea of the portal, which aligns with AfCFTA’s mission to enhance intra-African trade.
Representing the acting Governor of the Central Bank of Nigeria, Dr. Kingsley Obiora, the Deputy Governor of Economic Policy, also commended Zenith Bank for its leadership in promoting Nigeria’s non-oil exports.
The partnership between Zenith Bank and AfCFTA marks a significant step toward enhancing trade and economic collaboration within the African continent.
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