Heads of Mansa Digital Initiative at the African Export and Import Bank, Maureen Mba, has pointed out that Africa’s contribution to global trade stands at a mere 3%.
This revelation came during her presentation at the Mansa initiative launch, which took place during a webinar organized by the Lagos Chamber of Commerce.
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The webinar focused on the challenges faced by Small and Medium Enterprises (SMEs) in Nigeria and sought solutions to address these issues.
Mba emphasized the urgent need to bolster trade within the African continent as she outlined the objectives of the Mansa Digital Initiative. The initiative aims to facilitate trade and overcome trade barriers, particularly for SMEs, to promote economic growth and development within Africa.
She said, “Africa contributes only 3 per cent to global trade, and those are just manufactured products. We need to change the narrative. We need to support our SMEs to do better.”
Michael Olawale-Cole, the president of the Lagos Chamber of Commerce and Industry, emphasized in his welcome speech how crucial it is for the government to assist SMEs because of their strategic significance to the country’s economy.
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He pointed out that small and medium-sized businesses in Nigeria have historically served as the backbone of the country’s economy, making a substantial contribution to job creation, economic growth, and the fight against poverty.
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