Yemisi Izuora
The bank targets growing trade finance opportunities between UAE and sub-Saharan Africa
Access Bank UK Limited, a wholly-owned subsidiary of Access Bank Plc,today opened operations at the Dubai International Financial Centre (DIFC).
The bank, primarily focused on trade finance opportunities with sub-Saharan Africa, expects to tap into the fast growing trade ties between the UAE and Africa.
“The Access Bank UK is the largest trade finance Nigerian Bank in the United Kingdom. We see growing trade flows between the UAE and Nigeria and some of the fast growing Sub-Saharan African countries. Clearly, there are opportunities to expand our business in this fast growing trade corridor,” said Herbert Wigwe,
Chairman of Access Bank UK.
The Access Bank UK’s office in DIFC will continue to serve the bank’s existing clients in the UAE as well as introducing the bank’s portfolio of services to companies keen on investing in Nigeria and other parts of Africa directly or through trade finance.
Nigeria is the second-fastest growing economy in sub-Saharan Africa after Ghana. In recent years, the country has been attracting growing investments from the GCC, particularly, the UAE.
“Over the past few years, businesses in the UAE have shown a natural affinity for expanding presence into Africa, and as a fully licensed independent subsidiary in the UK with a parent bank in Nigeria and with the opening of our Dubai office, we offer a unique and powerful combination to unlock opportunities for businesses who want to invest in Africa,” said Jamie Simmonds, CEO of Access Bank UK.
The opening up of mores business for foreign investments and privatisation of more sectors are expected to boost investment opportunities in Nigeria which accounts for 32 per cent of Sub-Saharan GDP.
“With a per capita income of $3089 and a population size of 180 million, Nigeria has the potential for strong growth in manufacturing, services and oil & gas sectors. Sectors such as banking, telecoms and Pensions have been privatised. We expect to privatisation of National Power Grid and Railways in the near future, opening more opportunities for the private sector,” said Olabode
Augusto, independent economist.
While the short term the outlook for the country is tough given the reduction in oil prices, Augusto said there is significant opportunities for UAE and Gulf investors in areas such as manufacturing, oil and gas and infrastructure.
“The economic links between UAE and Africa are already growing and we see this accelerating over the next decade. Access Bank UK wants to be leading player in boosting economic and trade ties between UAE and key African countries including Nigeria,” said Wigwe.
Welcoming the bank to the DIFC, Eisa Kazim, Governor of DIFC said: “The Access Bank’s decision to open a representative office at Dubai International Financial Centre reflects our growing status as a platform to access emerging markets’ opportunities, and the potential of Dubai and the UAE as a whole to stimulate trade and investment along the South-South economic corridor.