Urge Banks To Establish Non-Oil Export Units To Facilitate Transactions
The Nigerian Export Promotion Council (NEPC) is looking forward to earning over $25 billion from non-oil export in the next three years as against the $4.8billion recorded in 2022 soon as there is improvement in export processing mechanism in the nation’s banking sector.

Nigeria is endowed with immense potential in some of the world’s most traded products such as cocoa, ginger, cashew, soya beans, sesame seed, palm oil, rubber, shea, and gum just to mention a few.

The council, however, urged the banks to expedite action in the establishment of non-oil functional units across their branches for the realisation of massive inflows of the needed foreign exchange into the nation’s coffers.

NEPC Executive Secretary, Dr. Ezra Yakusak disclosed this yesterday at a capacity building workshop organised for bankers by the council in Abuja.

The programme, which drew participants from across the banks, has as its theme, ‘Enhancing Non-Oil Export Growth through Effective Export Procedures, Documentation & Logistics.’

Yakusak said that as a matter of fact, access to bank financial services by exporters is one of the major challenges stifling the smooth growth of the non-oil export due to high interest rates and low disbursement of credit facilities to finance non-oil export trade.

According to him, this has ultimately affected the nation’s non-oil performance because most exporters lacks the financial muscle required to set up modern export-related industries and ensure production of high quality products.

“The purpose of this workshop is to bring the banks together, educate them on export procedures and documentation and when they establish the export units, it will encourage them to focus on the promotion of the non-oil exports.

“Recall that the banks are the ones that issue what we call Non-Oil Export purpose (NXP) forms. This is what makes one a formal exporter. So when you have this, your money will be repatriated after exports. It enables NEPC to have data of exporters and the countries that received the goods, the NXP also carries the quality, quantity of the products and helps the buyers accept that he gets the products he/she has ordered for.”