Expert wail challenges to export business in Nigeria

A financial expert, Dr. Bamidele Ayemibo, has said Nigeria will continue to fail to meet her export target unless logistics hindering are urgently resolved.

While presenting the maiden report on Annual Trade Finance Survey, 2022 in Lagos Ayemibo, also expressed worry that 94 per cent of export financing were rejected by banks in the country.

A fully loaded truck in one of the inland dry ports in the sub-region, will be delayed, harassed for bribes by the numerous security agents along the region’s transport corridor before it gets to its destination.

According to him, the report also showed that Africa represents 2.5 per cent of the total global export trade.

Ayemibo, who is the Director 3T Impex Trade Academy, stressed the need for the country to put up necessary actions to remove all bottlenecks face by exporters at the port trying to export their products.

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Speaking further on the report, Ayemibo disclosed that Small and Medium Enterprises, SMEs, especially those in Agric sector dominated the export trade.

Some representatives of banks were of the view that they limit borrowing to finance export businesses largely due to the risks involved.