Citi Strengthens Nigeria Business Ties Amid Reforms and Expanding Trade Flows

Global banking giant Citi is deepening its engagement in Nigeria and across Africa, as the continent stands to benefit from emerging global trade dynamics. During a recent visit to Nigeria, Ernesto Torres Cantu, Head of International at Citi, discussed how reforms, the African Continental Free Trade Area (AfCFTA), and shifting supply chains are positioning Africa and Nigeria in particular as a critical player in global trade. In an exclusive conversation, Cantu outlined Citi’s long-term commitment to supporting clients amid global volatility and local opportunities.

Navigating Global Trade Shifts and Opportunities

The current global trade landscape is being reshaped by tariff wars, supply chain disruptions, and evolving regulatory frameworks. According to Cantu, “Trade corridors are changing significantly, and this will continue as companies adjust to new tariff structures and market demands.” While this volatility complicates planning, it also presents new opportunities, especially for agile businesses in Africa. In Nigeria, regional trade momentum and digital transformation are opening pathways for growth. Cantu noted that companies that adapt quickly and invest in resilient value chains will emerge stronger. Citi, with over 200 years of experience in supporting clients through both volatile and prosperous times, is helping businesses navigate these shifts through risk management, financing solutions, and deep market insights.

Importantly, Cantu sees Africa’s lower historical trade exposure with the U.S. as a newfound competitive advantage. “Africa is less exposed to tariff-affected trade routes, and agreements like AfCFTA position it well for growth,” he remarked.

Powering Intra-African Trade and Digital Solutions

As global trade dynamics evolve, intra-African trade remains underdeveloped, with just 15% of Africa’s trade occurring within the continent. Cantu sees this as a clear opportunity: “AfCFTA is extraordinary, but it must yield faster and more significant results.” Citi is playing a key role in driving this transformation. Its extensive pan-African footprint, present in 12 Sub-Saharan African countries and 21 hub-managed markets, supports seamless cross-border transactions. The bank is also a major source of trade finance on the continent. To further enhance trade efficiency, Citi is investing in digital trade platforms. These tools reduce friction in payments and compliance, accelerating transaction times. In Nigeria, innovations like CitiDirect and DocuSign have slashed processing times for trade finance from weeks to minutes. Cantu also highlighted ongoing collaboration with regulators and fintechs to improve payment flows across African borders, boosting e-commerce and intra-African trade.

Supporting Clients Through Currency and Market Reforms

Nigeria’s ongoing reforms in foreign exchange (FX), taxation, and inflation are pivotal to its future growth. Citi is providing tailored solutions FX hedging, trade facilitation, and liquidity management to help multinational and local businesses navigate currency risks. Cantu praised Nigeria’s resilience, citing a recent instance where the naira demonstrated stability despite global market shocks. He also noted the government’s determination to maintain reform momentum, which fosters investor confidence. Beyond oil, Citi is helping Nigerian clients diversify into sectors like agribusiness, healthcare, technology, and renewable energy, leveraging its global network to connect them with export markets and partners. Looking ahead, Cantu highlighted two key trends: increased volatility around tariffs driving the search for new markets, and the enduring strength of U.S. capital markets. He emphasised Citi’s readiness to support clients through both dynamics. “Nigeria is important to us. We are very much invested and look forward to enabling the country’s continued growth,” he concluded.