The President of the Lagos Chamber of Commerce and Industry, Mr. Gabriel Idahosa, stated that the clear-cut way to improve the nation’s economy and create new jobs is for the government to address the trade imbalance, especially in exports with other trading partners.
He also believes that such action will ensure the Naira gains more strength and put an end to the recent chase of those accused of trading dollars in the country’s black market.
Mr. Idahosa gave this advice at the unveiling of the Annual Trade Finance Survey in Nigeria, 2024, organized by 3T Impex Consulting Limited, held at the LCCI Building in Alausa.
He stressed that the body will always support every venture aimed at growing the economy, just like the 3T Impex Trade Academy.
Mr. Idahosa, however, sympathized with financial institutions over the increasing number of staff leaving the country for greener pastures after undergoing intensive training.
According to him, most advanced countries in the world spend a lot to develop their talents to stand out, adding that Nigeria should not be left behind.
He explained that training is crucial, as financial institutions must make it routine for staff to keep up with the current global trends.
The LCCI boss commended Dr. Ayemibo for his intervention in providing a solution to the age-long export trading, which is critical to the revival of the nation’s economy.
On his part, the Registrar of the Chartered Institute of Bankers of Nigeria, Mr. Akin Morakinyo, was of the view that the country must break the yoke of the trade deficit in exports.
He pointed out that the lack of data constitutes a major problem for our economic improvement, adding that the decadence in the educational system remains a significant challenge.
According to him, Singapore thrives on education, while every community in China is assisted to produce something to keep citizens engaged, thereby resulting in huge exports.
While applauding the intellectual research work by Dr. Ayemibo, the CIBN Registrar made it clear that one doesn’t just fix a problem but must conduct proper research first for a clear-cut solution.
In his presentation, Dr. Bamidele Ayemibo, the lead consultant at 3T Impex Consulting Limited, recommended that the country must improve the use of technology in trade transactions to avoid issues in case of a pandemic that orchestrates lockdown in the future.
He recalled that the Covid-19 pandemic caused a major setback to export trading, particularly among developing countries.
Ayemibo stressed the need for proper understanding and monitoring of trade finance and international trade among bankers.
According to him, the government and banks should have a framework to foster partnership in industry participation and audits to know if the banks are doing the needful with their staff.
The 3T Impex Consulting Limited boss also emphasized the need for specialized programs for trade finance as they relate to the functions of bank staff.
While sharing their experiences at the 3T Impex Trade Academy, Emmanuel Agada, a financial expert, described the training as highly practical and engaging.
He noted that a holistic approach to export was taught, saying the lectures were simplistic.
The financial expert disclosed that the six-month intensive course broadened their knowledge on how to mitigate risk in the line of duty.
Emmanuel Agada also said that the training provided him a platform to discover new knowledge and gave him the confidence to stand before CEOs to provide solutions to their problems.
Babajide Olayinka of the Training Finance and Treasury Department in BUA Cement lamented the lack of due recognition for trade financing in most companies.
He said that some manufacturers also neglect trade financing for the treasury aspect.
Babajide Olayinka noted that the training boosted his career, having gotten a better job barely a few months after attending the training.
He recommended the training to other corporate bodies aspiring to boost their export profiles.
