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Banks’ with continental outlooks to gain more from AfCFTA—Soludo

As African economies brace up to structural adjustments to situate the emergence of African Continental Free Trade Area (AfCFTA) agreement, former Governor of the Central Bank of Nigeria (CBN), Prof Chukwuma Soludo, has urged Nigerian banks to adjust to developments that may arise from movement of goods and services.

This is Soludo’s first public comment since his inclusion as a member of the Economic Advisory Committee to the President.

He spoke during the 2019 Nigerian banking sector report launched by Afrinvest in Lagos on Monday, saying “What kind of banking and financial system do we really need to be able to power the Nigerian and African economy in view of the African Continental Free Trade Area agreement?

“What should be the next level for the banking industry and how should the banks adjust to the disruptive changes?”

Though he did not give details on the nature and direction of the adjustments, financial experts who spoke at the event, said AfCFTA presents a huge business opportunity for banks’ with continental advantage in Nigeria, South Africa and Kenya.

Analysts say with continental outlooks, such banks will become the key bride in driving businesses and cross-border transactions.

Currently, major lenders in Nigeria that may gain most on the full takeoff of the continental scheme include but not limited to UBA, Ecobank, Access Bank and others.