Ceo forum 2023

ABC live: AfCFTA eyes $1bn trade financing facility for SMEs

Wamkeke Mene, the secretary-general of the African Continental Free Trade Area (AfCFTA) has said the treaty is proposing to establish a $1 billion trade financing facility for Small and Medium Enterprises (SMEs) or exporters willing to expand their business.

“We are in conversation with a number of commercial banks including Standard Bank with a view to establishing a $1 billion trade financing facility primary for SMEs or exporters that need capital to expand a new market planning to operate in the trade agreement,” Mene said at BusinessDay’s African Business Convention, Tuesday.

Mene complained about the multiple currencies across Africa which he claims will continue to be a problem for most businesses.

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“We have 42 currencies in Africa, which alone is a restriction to trade, we need to work on it,” Mene said.

He noted that about 36 countries have ratified the AfCFTA which is on course to render Africa globally competitive in the next 20 or30 years.

“By the year 2025, we have to see 100 million Nigerians lifted from poverty especially women, “Mene said.