Thursday, 8 December 2016

INTERNATIONAL TRADE EXPERT EXPLAINS HOW EXPORTS CAN CUSHION RECESSION

An international trade expert and Vice Chairman, Banking Commission, ICC, Mrs. Omolara Akanji, has urged business owners in Nigeria to tap into opportunities in export market as a veritable tool to pull the country out of recession. According to her, Nigeria, being in recession, is a known fact by all, hence the need to restructure our external trade and diversify the trade services.

Before anyone should start exporting business, he must note that many exporters have been defrauded in the process of exporting goods to other countries owing to the fact that they do not have adequate training on export operations, export management, export documentations and methods of payment is export business. The link below is a compilation on all the steps exporters should follow from the point of packaging the goods they intend to export to the point of payment. To read it, click here

While speaking in Lagos at the book lunch entitled: A-Z on Export Business Finance, written by Bamidele Ayemibo, Akanji said to get the country out of recession, we must take commodity export as a serious business. She said the nation needs to move the non-oil export from the realm of informality to being a formal business.

She added the nation must formalise all that is necessary to be done to harness the 60 percent underground non-oil export trade to contribute to the formal export processes.

Akanji said: “We must recognize that the banking sector is the most regulated sector and for the sector to participate in financing export of non-oil commodities, the managers of the economy must ensure transparent trade policy, consistencies in policy and end era of policy somersault.

“This will bring confidence and credibility to the process of non-oil export financing by the banks. The banks are ready to finance exports as that will be creating assets for the banks. The exporters must also ensure that they respect the policy of repatriation of export proceeds- bring back some of the greenback to run the market and strengthen naira.”