The Daily Update spoke to trade consultant Nancy Nwanze, who recently set up her own business using her expertise in customs and excise.
With significant experience navigating trade within Africa for multinationals, she discussed opportunities for the continent amid tariff turbulence, as well as how you can build your profile within the international trade community – even as an introvert.
Background
Nwanze’s career in trade began with moving excisable goods like tobacco and alcohol, with stints at British American Tobacco and drink firm Diageo.
Coming from a legal background, she says that being able to examine different countries’ legislation and regulations “triggered my interest in international trade”.
“It was very interesting to see how goods move across borders and understand regulations of other countries.”
Beyond the often theoretical approach of traditional legal practice, trade delivers a holistic perspective, applying the law in tangible, real-world contexts.
She adds that trade law is also a great area for combining a multitude of disciplines, enhancing your “critical reasoning” skills, although also - touts the great work of her “beautiful team” at Diageo, which included specialist accountants, finance experts and lawyers.
Consistency across the law
This year Nwanze set up her own consultancy, supporting small businesses in a number of countries, including African nations, to access the EU and US markets – navigating regulatory changes in the former and tariffs in the latter.
“I work with small companies, supporting them to scale, and one of the biggest issues they have is understanding regulatory requirements.
“And that spans legal regulations, cross-border regulations, cross-border taxes and excise.”
Having overseen movements from Nigerian excise factories and manufacturing plants into 15 West African nations, in addition to global exports during her time as Diageo’s head of customs, excise and trade compliance in Africa, she’s ready to advise.
Opportunities amid protectionism
For many in the global trading community, the rise of protectionism is seen as a fundamental threat to their businesses.
Nwanze says, despite the challenges that US tariff reviews present for many countries and businesses, she remains optimistic about the future of international trade, adding that markets tightening in some regions can create opportunities elsewhere.
“One of the greatest opportunities I see right now is for countries to proactively engage and develop new partners – sitting down to explore mutually beneficial opportunities and strategies in terms of trade laws and trade agreements.”
She adds that no agreement can ever be “100% beneficial”, reaching those agreements requires compromise. However, nations can reap rewards when they go into those negotiations clear-sighted about what they can offer and what they need.
“You need to know what's critical for your economy, based on your resources and the value chain in your country.”
AGOA
She applied these principles to the prospective renegotiation of the Africa Growth and Opportunity Act (AGOA) – a trade pact between 32 African nations and the US which lapsed earlier this week when a ten-year extension came to an end.
While commentators have largely focused on the ‘devastating’ impact that losing tariff-free access to the US will have on the economies of some nations, Nwanze insists that the African governments leading efforts to review AGOA are not negotiating from a position of weakness.
“We should be thinking 10 years’ ahead,” she says. “How do we start putting our road map together?”
She also highlights what the continent has to offer, noting its many high-growth, emerging markets, remarkably young population and abundance of critical minerals.
You can read her thoughts on negotiations in our recent Trade Digest for the region.
Areas for development
That being said, she noted that to boost not only African exports, but to capitalise on the promise of the continent’s single market, the African Continental Free Trade Area (AfCFTA), development is needed in key areas.
Even with AfCFTA in place, greater regulatory harmonisation between nations is needed to boost intra-African trade and strengthen supply chains across the continent.
“All our markets are not fully liberalised, which means our value chains are fragmented.
“We import a lot to manufacture locally because we didn't have that regional coordination to be able to source within the region.”
Cooperation
She says regional coordination is increasingly important amid the US’ protectionist drive, with the trend towards ‘reshoring’ presenting opportunities for greater intra-African trade.
“You need to be asking how and where can I benefit from the new free trade agreements,” she says, “because there’s a lot of them happening right now.”
There are several areas that could be developed to foster the “agility” needed to reap the benefits of these agreements. In addition to regional harmonisation, she notes digitalisation and adoption of AI can support efficiency.
Updated and well-documented regulation, would also support this aim, enabling the provision of clear and consistent advice.
While she says it’s often challenging to explain EU legislation – like the General Product Safety Regulations – to SMEs with less experience of compliance rules, she appreciates the EU’s clarity and consistency in updating its regulations.
Network and ‘stay informed’
Pivoting to professional advice, Nwanze’s two biggest tips for professionals are to build your network and make sure you stay informed.
Networking has been integral to developing her own business, both maintaining strong relationships and seeking new ones.
She adds that it’s not just about getting in a room and shaking hands, there’s other valuable ways to connect.
“I also consider myself an introverted person, so what I try to do is write articles – for trade magazines, business and newspapers – to try and engage people.”
Although she adds that staying visible doesn’t have to mean being quite so exposed: “it can also be about engaging people within your field; LinkedIn connections to touch base, following them and reacting to their articles.”
She also highlights the need to stay informed beyond just your national or regional context within trade and urges people to think globally.
“Be aware of geopolitical political dynamics, emerging partnerships – and that can be in terms of companies, not just countries.”
“Of course, new regulations”, she adds, particularly as a consultant, “even if it doesn't affect you directly, you might need to know when you're advising a client.”
Membership
Supporting both of these objectives has been her Chartered Institute of Export & International Trade professional membership.
She highlights both webinars – especially those held in the spring and summer to support members acclimating to US tariffs – and member-exclusive insights shared in the Daily Update email newsletter.
“Those daily updates are very interesting, and I love that every day keeps you informed.”
Both for her own awareness, and disseminating key information when working at Diageo, she says webinars were especially useful:
“For me to talk to my team, provide updates for my boss, saying ‘this is what’s happening’”, and providing another perspective.”
Sharing her own insights on webinars is also a valuable benefit, she says. Having had the opportunity to speak on a Chartered Institute panel this year, she looks forward to participating in other sessions in the future – an example of the kind of the profile-building she recommends.
You can learn more about Chartered Institute membership, both as a professional and for your business, here.
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