The business sector is underfunded in West Africa according to the report on trade finance in Nigeria, Ghana, Senegal and Côte d'Ivoire. In the countries studied, trade finance only supports 25% of merchandise trade, according to the International Finance Corporation (IFC). This number is lower than the African average of 40%, and the world average of 60-80%.

The trade finance market in Côte d'Ivoire, Nigeria, Ghana, and Senegal is estimated at around $42 billion per year according to IFC. Despite this, 25% of merchandise trade is supported in the four countries that represent the largest ECOWAS economies. 21% of requests for financing for commercial activities are rejected by banks in the four largest ECOWAS economies. This is what a new report from the International Finance Corporation (IFC) has come out. According to the report, “Bank rejection rates of trade finance applications are high, with an average of 21% of requests and 25% in value.” “The rejection rate may include businesses that are turned down because they are less creditworthy and refused applications do not always mean an abandonment of business, as some rejected businesses may find other sources of funding,” he said.