By Anastasia John E.
Recent decisive reforms implemented by the Central Bank of Nigeria (CBN), particularly those bolstering the Pan-African Payment and Settlement System (PAPSS), have been met with enthusiastic approval from Rand Merchant Bank (RMB), which hails them as game-changing steps poised to unleash significant trade opportunities across the African continent.
Speaking with conviction at the Global Trade Review (GTR) West Africa Conference 2025, Oluwaseyi Onanuga, the Head of Treasury and Trade Solutions at RMB Nigeria, underscored the indispensable role of robust financial and regulatory overhauls in igniting intra-African trade and fostering greater economic resilience throughout the region.
In his address on the topic of “Ghana, Nigeria and Beyond: Assessing Trade Prospects,” Onanuga stated emphatically, “The robust economic reforms initiated by Nigeria’s current administration, such as the removal of fuel subsidies and liberalisation of the foreign exchange market, are commendable. These are key to macroeconomic stability and investor confidence, laying a solid foundation for enhanced trade.”
He further elaborated that while national policies are crucial, the advancement of regional financial integration initiatives like PAPSS, a vital payment infrastructure championed by the African Union, is paramount in facilitating seamless cross-border trade within the framework of the African Continental Free Trade Area (AfCFTA). This system, he noted, promises to streamline transactions, reduce costs, and ultimately boost the volume of trade between African nations.
The GTR West Africa 2025 conference, themed “Financing Growth in West Africa’s Trade Epicentre,” served as a vital platform, bringing together over 45 influential speakers and a diverse array of stakeholders from across the continent. Discussions centered on critical aspects of trade finance, the intricacies of supply chains, essential infrastructure development, and the impact of policy reforms on the region’s economic landscape.
RMB’s active participation in this significant gathering underscores its strategic and growing interest in deepening financial connectivity and fostering robust trade relationships across the West African economic space.
Looking ahead with considerable optimism, Onanuga concluded, “As Nigeria and Ghana take these critical strides in implementing impactful reforms and fostering greater regional alignment, the trajectory for intra-African commerce looks exceedingly promising.
We anticipate the emergence of a broader and more inclusive trade-finance landscape – one that is powerfully driven by innovative policy frameworks, resilient infrastructure networks, and a spirit of true pan-African cooperation, ultimately benefiting businesses and economies across the continent.”
