RMB Nigeria tells summit West Africa must produce more, not just trade more
- Rand Merchant Bank Nigeria used its session at the 32nd Nigerian Economic Summit to argue for long-term financing and regional cooperation.
- Its executive director Yetunde Ogunremi said Africa gains little from trading more without producing and processing more at home.
- Panellists pointed to power, roads, logistics and cross-border payments as the gaps between trade deals and real factories.
Rand Merchant Bank Nigeria has told a gathering of finance and industry leaders that West Africa will only build competitive industries if money, infrastructure and regional cooperation move together.
The bank made the case at its own session at the 32nd Nigerian Economic Summit, held under the theme "Growth That Works: Delivering Jobs, Productivity and Shared Prosperity." The session, titled "From Trade to Value Chains: Building Regional Industries that Compete Globally," took place on Monday, 26 October 2026 under the summit's Rising Together Initiative.
The panel brought together regional institutions, development finance bodies and private companies to look at how West Africa can stop exporting raw materials and start processing, manufacturing and selling finished goods across borders.
Why it matters for Nigerian businesses
Yetunde Ogunremi, Executive Director and Treasurer at RMB Nigeria, said bigger markets mean little if companies cannot produce at scale. She argued that Africa's real gain lies in making and processing more within the continent, not simply trading more.
That, she said, will take long-term capital, new financing models and strong partnerships. She also stressed the need for reliable power, efficient logistics and smooth cross-border payments, naming the Pan-African Payment and Settlement System (PAPSS) as one route.
Large companies, she added, should act as anchors for regional supply chains, with banks providing the funding that lets smaller firms plug in.
The discussion covered opportunities in agro-processing, pharmaceuticals, automotive, textiles and digital services. Panellists also weighed how commercial banks, development finance institutions, governments and private investors can share risks and pull in long-term money.
Ambassador Sola Enikanolaiye, Nigeria's Minister of State for Foreign Affairs, gave the opening remarks. Dehpue Yenpea Zuo, ECOWAS Commissioner for Economic Affairs and Agriculture, delivered a goodwill message for Dr. Omar Alieu Touray, President of the ECOWAS Commission.
Nicholas Norbrook of The Africa Report moderated, with Cecilia Akintomide of the UN Sanitation and Hygiene Fund providing technical input. Other panellists were Kelvin Banda of the African Development Bank Group, Lillian Kidane of Dalberg, Banji Fehintola of the Africa Finance Corporation and Oluwole Dada of SecureID Limited.
A central concern was the gap between the access promised by the African Continental Free Trade Area (AfCFTA) and the factories, roads and power needed to use it.
What happens next
The summit session was a discussion, not a policy announcement, so no new funding or programme was unveiled. The test will be whether banks, governments and regional bodies turn the talk into investment in power, transport and processing capacity.
