This
is necessary given that the real sector, particularly agriculture, solid
minerals and indeed, the export sector, require concessional long-term funds
for investment, which are rarely available in the commercial banking system.
The
Managing Director/Chief Executive of Nigerian Export-Import Bank, Abba Bello, stated this in a paper
delivered recently at the convocation lecture of the Achiever University, Ondo State.
Hmmm!!! Folks, let us say the truth and shame the devil. Many
Nigerian non-oil products exporters have been defrauded of huge amount of money
in the process of exporting agricultural commodities and solid minerals to
foreign countries. Do you know why? They were not trained on export operations,
management, documentations and the best methods of payment in export trade.
This is terrible!!! Nigerians cannot continue to lose money to foreigners in
the course of export business. Exporters, would you like to keep on being
scammed? Why don’t you get a practical manual that explains the stages of
export trade from processing and packaging of commodities to receipt of payment
by the foreign buyers? It explains export operations, export management, export
documentations and methods of payment in export trade? Yes, it is a
contemporary step-by-step guide to export trade. It tells all the contemporary
dynamics in export trade. To get it, click on the link below:
He
posited that while economic growth is a component of many variables, one of the
key drivers in an open economy is the performance of the export sector.
Discussing
on the topic: Non-oil exports: Panacea for underachievement of Nigeria’s
economic potential, Bello said the low level of growth of non-oil exports
sector and its little contribution to yearly export revenues could be
attributable to absence of medium/long-term funds since the export sector is
perceived as high risk venture by the deposit money banks. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
He
explained that the absence of suitable trade finance instruments, high cost of
operations owing to constraints of power supply and absence of other key
production-supporting infrastructure are culpable too.
Bello
emphasised that other constraints include logistics related issues and quality
standard, noting that they have manifested in low level of credit to the export
sector, which accounts for less than 1per cent of total credit by deposit money
banks over the years. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Given
the national income equation, which defines the Gross Domestic Product (GDP) as
the aggregation of consumption expenditure, investment expenditure, government
expenditure and net exports, that is export minus imports, the growth of an
economy will be dependent on the value of its exports over and above that of
its imports, he said.
According
to him, the key characteristics of Nigeria’s non-oil export sector include; the
few export destinations with the dominance of limited number of
agriculture-related commodities such as; cocoa, rubber, leather, shrimps/fish,
sesame, cashew and cotton yearly accounting for over 60 per cent of non-oil
exports. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
Others
areas, he noted include; insignificant contribution of the other agricultural
sub-sectors like shea-nut, Ginger, Cassava, Yam, Sweet Potato, Cowpeas and
Pineapple to export revenues in spite of Nigeria’s ranking as one of the
highest producers of such commodities in the world, low export performance of
key sectors like mining that contributes less than three per cent of total
non-oil exports and one per cent of GDP yearly, even though Nigeria has over 34
solid minerals in commercial quantities.
He
however, stated that the bank is collaborating with the Central Bank of Nigeria
(CBN) to manage two intervention schemes and improve funding support to the
non-oil export sector, under a new philosophy of Produce, Add Value and Export (PAVE).
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