Sunday, 11 November 2018

NON-OIL EXPORT SECTOR: THE NEED FOR IMPROVED SUPPORT FROM DEVELOPMENT FINANCE INSTITUTIONS AND COMMERCIAL BANKS

The Non-Oil Export Community of Practice (CoP) has emphasized the need for Development Finance Institutions (DFIs), and commercial banks to improve support for the growth of the non-oil export sector in Nigeria during an Export Finance Forum recently in Lagos. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html

The forum, organised by Policy Development Facility (PDF) Phase 2, provided the platform for stakeholders to address key issues bordering on lack of adequate information for non-oil exporters, tedious funding processes and poor documentation. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html Titilope Ojo, PDF 2 Lead Exporter Voices said, the PDF through its trade policy work-stream, will continue to galvanise exporters’ voices around trade policy issues and develop their capacity to participate more in non-oil exports thereby creating an enabling environment for the sector to thrive.

Fellow Nigerians, are you aware that our crude oil will soon become useless? Yes, it will, in no distant time, become valueless owing to the fact that the countries that rely on it as their only source of energy are developing more affordable alternative sources of energy. When this finally happens, what will we do? How are we currently preparing for this imminent economic doom? Which other sector will continue to stabilize our economy? Nigerians, the only solution is developing the agricultural sector. In fact, this is the only solution. Very soon, the major source of revenue will become agriculture and agro-exports. How are you positioning yourself to play big in agro-export business? 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? Yes, arm yourself with the contemporary trends in export trade. This manual 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:

The Head, Trade Finance desk, Sterling Bank Plc, Chris Aghaunor, said it is important for top management of banks to demonstrate the will and interest to engage in export. According to him, “Banks need to develop a master plan for exports and also train staff to understand export business. They also need to identify their strength within the value chain.”

The Non-Oil Export CoP reiterated the need for the export process in Nigeria to be automated. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html In addition, the Central Bank of Nigeria, Export Development Agencies and stakeholders are expected to also collaborate in order to ensure the creation of an export single window as well as simplify export procedures.

Also speaking, Omotayo Omidiji, AGM/Head, Strategy & Planning NEXIM Bank said: “Every country export for several reasons, one of which is the need to earn foreign exchange to sustain imports and grow the external reserves. Countries also need to explore other markets and produce and export goods in which they have comparative advantages. In Nigeria, there is the utmost need to diversify the export base and as such, non-oil export becomes crucial.”

 Babatunde Faleke, South West coordinator for NEPC, however advised commercial banks to host seminars for stakeholders in order to bridge the challenge of knowledge gap in the finance and export community.

Are you an exporter? Do you like to master the contemporary dynamics of non-oil export trade and avoid getting defrauded by the foreign buyers of your exportable products? Click on the link below:
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