Operators seek improved support from DFIs, DMBs for non-oil export industry

The Non-Oil Export Community of Practice (CoP), has emphasised 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.

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. 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.

Chris Aghaunor, Head, Trade Finance desk, Sterling Bank, said it is crucial for top management of banks to demonstrate the will and interest to engage in export.“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,” he said.

The Non-Oil Export CoP reiterated the need for the export process in Nigeria to be automated.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” she said. 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.