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Business News of Tuesday, 20 December 2022


Expert laments challenges to export business in Nigeria

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A financial expert, Dr. Bamidele Ayemibo, has said Nigeria will continue to fail to meet her export target unless logistics hindering it are urgently resolved.

While presenting the maiden report on Annual Trade Finance Survey, 2022 in Lagos Ayemibo, also expressed worry that 94 per cent of export financing were rejected by banks in the country.

According to him, the report also showed that Africa represents 2.5 per cent of the total global export trade.

Ayemibo, who is the Director 3T Impex Trade Academy, stressed the need for the country to put up necessary actions to remove all bottlenecks face by exporters at the port trying to export their products.

Speaking further on the report, Ayemibo disclosed that Small and Medium Enterprises, SMEs, especially those in Agric sector dominated the export trade.

Representing the Nigerian Export Promotion Council, NEPC, at the event, Mrs Allice Ibitoye, assured of a conducive environment for those in the export sector in order to bridge the deficit in the country.

Some representatives of banks were of the view that they limit borrowing to finance export businesses largely due to the risks involved.