FG affirms commitment to non-oil export, educating bankers on paperwork

To further its goal of economic diversification, the Federal Government has reaffirmed its commitment to fostering collaboration that will enhance Nigeria’s export competitiveness.

At a capacity building event for bankers that the Nigerian Export Promotion Council (NEPC) sponsored on Thursday in Abuja, Dr. Ezra Yakusak, the council’s executive director, said this.

According to Yakusak, Nigeria’s participation in the global market is ensured by the non-oil export industry, which is crucial to the country’s economic growth.

He claimed that there were many difficulties for Nigerian exporters, including a lack of understanding, difficulty obtaining financing, lengthy processes and documentation, and subpar packaging.

“One of the key obstacles impeding the steady expansion of non-oil export is exporters’ access to bank financial services,” says the report.

“This is because there are few credit facilities available to fund non-oil export trade and high interest rates.

Because most exporters lack the financial resources necessary to establish contemporary export-related sectors and guarantee the manufacture of high-quality goods, this has ultimately hurt the nation’s non-oil export performance.

“The NEPC has recognised capacity building as a priority for pertinent players in the non-oil export value chain. The NEPC is a responsive agency.

“We believe that when key stakeholders, like bankers, are equipped with the necessary export knowledge and expertise, they will work more efficiently to complement each other towards the promotion of export business in the country,” the official added.

Yakusak emphasised the need of banks for non-oil export, stating that no official export transaction could be conducted without them.

“Permit me to notify you that a total of 30 banks participated in the issue and processing of NXPs forms for the year 2022 non-oil export performance report.

This resulted in a total export value of $4.8 billion, the largest amount ever reported since the NEPC was founded in 1976, he said.

According to the NEPC boss, export desk officers’ duties are crucial for streamlining export procedures and processes.

This helped us decide to plan this particular technical workshop for all of you, he said.

“I have high hopes that this training will expand your comprehension of the procedures in non-oil export commerce and let you offer clients effective export advice services.

Therefore, your involvement in this training session is crucial for the entire non-oil export sector as well as the country as a whole, in addition to you and the bank you represent.

According to the News Agency of Nigeria (NAN), 29 banks, each with three to four employees, took part in the training. (NAN)