A financial expert, Dr. Bamidele Ayemibo has said the county will continue to fail to meet her export target unless logistics hindering it are urgently resolved.
He also believes that banks should be deliberate in providing Forex to those in the export sector for the country to move from import dependent economy.
While presenting the maiden report on Annual Trade Finance Survey 2022 in Nigeria at the NECA House, Alausa, Ayemibo said it was sad that 94 percent of export financing were rejected by banks in the country.
According to him, the report also shows that Africa represents 2.5 percent of the total export in the world.
Bamidele Ayemibo who is the Director 3T Impex Trade Academy stressed the need for the country to put up necessary sanctions to remove all bottlenecks Nigerians face at the port trying to export their products abroad.
Speaking further on the report, Ayemibo disclosed that SMEs occupied the larger percent of participants while those in Agric sector accounts for 50 percent.
He renewed appeal to the Commercial Banks to expedite action in making Forex available to exporters in boosting the sector.
Representing the Nigerian Export Promotion Council at the event, Mrs Alice Ibitoye assured of conducive environment for those in the export sector in order to bridge the deficit in the country.
She believed such will have positive impact on the nation’s economy.
Some representatives of banks were of the view that they limit borrowing to finance export businesses largely due to risk involved.
