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How exports can cushion recession, by experts

By Toyin Olasinde   |   01 December 2016   |   2:46 am
Recession

Recession

Experts have 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 them, Nigeria, being in recession, is a known fact by all, hence the need to restructure our external trade and diversify the trade services.

Speaking in Lagos at the book lunch entitled: A-Z on Export Business Finance, written by Bamidele Ayemibo, the Vice- Chairman, Banking Commission, ICC, Mrs Omolara 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.

“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, Akanji said.




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