The federal government has been urged to enhance the utilization of technology in trade transactions to mitigate disruptions in the event of a pandemic that could prompt economic lockdowns in the future.
Dr. Bamidele Ayemibo, the Lead Consultant at 3T Impex Consulting Limited, emphasized this during the unveiling of the Annual Trade Finance Survey in Nigeria, 2024, held at the LCCI Building, Alausa. He highlighted the significant setbacks caused by the Covid-19 pandemic, particularly in export trading, with Nigeria experiencing substantial losses.
Ayemibo underscored the importance of comprehending and monitoring trade finance and international trade within Nigeria’s banking sector. He advocated for a collaborative framework between the government and banks to enhance industry participation and conduct audits to ensure banks are adequately supporting their staff.
The need for specialized training programs in trade finance for bank personnel was also emphasized by Ayemibo. Speaking on the theme “Nigerian Trade Finance Skill Gap Assessment Survey,” he revealed that the research spanned nearly a year and involved sampling from approximately seven hundred staff across different banks.
Regrettably, Ayemibo disclosed that the research findings revealed a lack of essential information and knowledge among most bank staff in the trade finance unit, hindering their ability to assist customers in perfecting the export of their products.
Furthermore, Ayemibo urged the government to proactively address the “japa syndrome,” which he argued has created significant gaps in the financial sector, potentially leading to further damage if left unaddressed.
The head of 3T Impex Consulting Limited announced plans to address finance challenges in the manufacturing sector during the upcoming training session.
In addition, Mr. Gabriel Idahosa, President of the Lagos Chamber of Commerce and Industry, emphasized the necessity for the government to tackle trade imbalances, particularly in exports with other trading partners, as a means to boost the nation’s economy and generate new employment opportunities. He believes that addressing these imbalances will bolster the strength of the Naira and curb illicit dollar trading in the black market.
Mr. Idahosa shared these insights during the unveiling of the Annual Trade Finance Survey in Nigeria, 2024, organized by 3T Impex Consulting Limited. He reiterated the Chamber’s commitment to supporting initiatives aimed at economic growth, such as the 3T Impex Trade Academy.
However, Mr. Idahosa expressed concern over the exodus of trained staff from financial institutions for better opportunities abroad, stressing the importance of investing in talent development to keep pace with global trends.
He applauded Dr. Ayemibo for his efforts in addressing longstanding issues in export trading, which are crucial for the nation’s economic revival.
Similarly, Mr. Akin Morakinyo, Registrar of the Chartered Institute of Bankers of Nigeria, emphasized the need to address the trade deficit in exports to foster economic growth.
He emphasized that the lack of data poses a significant challenge to our economic progress, and he added that the deterioration in the educational system remains a major obstacle.
He highlighted Singapore’s emphasis on education and China’s support for community-based production as drivers of significant export growth.
While praising Dr. Ayemibo’s intellectual research work, the CIBN Registrar emphasized the importance of conducting thorough research before attempting to solve a problem.
Emmanuel Agada, a financial expert, described the training at the 3T Impex Trade Academy as highly practical and engaging, noting the comprehensive approach to exports and the simplistic nature of the lectures.
He revealed that the six-month intensive course broadened their knowledge of risk mitigation in their line of work and provided a platform for discovering new insights, boosting confidence in providing solutions to CEOs.
Babajide Olayinka, from the Finance and Treasury Department at BUA Cement, expressed disappointment over the lack of recognition for trade financing in many companies, noting that some manufacturers overlook trade financing for treasury functions.
He credited the training for enhancing his career prospects, securing a better job just months after completing the program, and recommended it to other corporate entities seeking to enhance their export capabilities.
