Bank Calls for Funding, Partnerships for African Industrialisation

Rand Merchant Bank Nigeria (RMB Nigeria) has called for increased long-term financing, infrastructure investment and regional cooperation to accelerate Africa’s industrialisation and strengthen the competitiveness of its manufacturing sector.

The bank said moving beyond the export of raw commodities to developing regional manufacturing value chains would require innovative financing, reliable infrastructure and stronger private-sector partnerships.

Speaking on a session on “From Trade to Value Chains: Building Regional Industries that Compete Globally” at the 32nd Nigerian Economic Summit (NES #32) in Lagos, Executive Director and Treasurer of RMB Nigeria, Yetunde Ogunremi, said Africa must focus on increasing production and retaining more value from its natural resources.

“Africa’s opportunity lies not just in trading more, but in producing more and creating greater value within the continent. This requires long-term capital, innovative financing and strong partnerships to build competitive industries and regional supply chains,” she said.

Ogunremi said access to larger regional markets would only benefit businesses if they had the capacity to produce competitively and at scale. “Unlocking this potential requires deliberate investment in infrastructure, efficient logistics, reliable energy and innovative funding structures that support long-term industrial growth,” she added.

She also called for large corporates to serve as anchors for regional value chains, while stressing the importance of efficient foreign exchange markets and adequate liquidity to facilitate cross-border payments through platforms such as the Pan-African Payment and Settlement System (PAPSS).

The session, held under the Summit’s Rising Together Initiative, brought together representatives of regional institutions, development finance institutions and the private sector to examine how the African Continental Free Trade Area (AfCFTA) could support manufacturing and industrial development.

Discussions highlighted opportunities in agro-processing, pharmaceuticals, automotive, textiles and digital services, as well as the need for coordinated investment in power, logistics and industrial infrastructure.

Nigeria’s Minister of State for Foreign Affairs, Ambassador Sola Enikanolaiye, delivered the opening remarks, while ECOWAS Commissioner for Economic Affairs and Agriculture, Dehpue Yenpea Zuo, delivered a goodwill message on behalf of the ECOWAS Commission President, Dr Omar Alieu Touray.

Other panellists included Kelvin Banda of the African Development Bank, Lillian Kidane of Dalberg, Banji Fehintola of the Africa Finance Corporation and Oluwole Dada of SecureID Limited.

The session formed part of discussions at NES #32, which was held under the theme, “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity”.