A financial Expert, Dr. Bamidele Ayemibo has said that Nigeria will continue to fail to meet her export targets unless Logistics hindering it are urgently resolved.
Ayemibo added that banks should be deliberate in providing Forex to those in the export sector in order for the country to move from import dependent economy.
The Director, 3T Impex Trade Academy while presenting a report at the maiden Annual Trade Finance Survey 2022 in Nigeria at the NECA House, Alausa, said it was sad that 94% of export financing were rejected by banks in the country.
According to him, the report also shows that Africa represents 2.5% of the total export in the world.
He stressed the need for the country to put up necessary sanctions to remove all bottlenecks Nigerians face at the port trying to export their products abroad.
Speaking further on the report, Ayemibo disclosed that SMEs occupied the larger percent of participants while those in Agric sector accounts for 50%.
He renewed appeal to the Commercial Banks to expedite action in making Forex available to exporters in boosting the sector.
Representing the Nigerian Export Promotion Council at the event, Mrs Alice Ibitoye assured of conducive environment for those in the export sector in order to bridge the deficit in the country.
She believe such will have positive impact on the nation’s economy.
Some representatives of Banks were of the view that they limit borrowing to finance export businesses largely due to risk involved.
