Lagos Chamber of Commerce and Industry (LCCI) says exporters\u2019 easy access to funding from Nigerian Export \u2013 Import Bank (NEXIM) would accelerate the country\u2019s economic growth from the impacts of COVID-19 pandemic.<\/p>\n\n\n
Mrs Toki Mabogunje, President, LCCI made the assertion at a webinar on funding opportunities for exporters with NEXIM bank.<\/p>\n\n\n
Mabogunje, represented by LCCI Honorary Treasurer, Mr Abimbola Olashore, said accessible funding would also engender value addition on primary raw materials and generate the desired level of foreign exchange needed to achieve economic diversification.<\/p>\n\n\n
Mabogunje said efforts to diversify the export base of the economy from crude oil over the years had not produced desired outcomes with more than 85 per cent of Nigeria\u2019s foreign exchange earnings from crude oil.<\/p>\n\n\n
She stressed that the non-oil export sector had the potentials to generate adequate quantum of foreign exchange earnings for the economy and strengthen the Naira against major currencies.<\/p>\n\n\n
Mabogunje said that the country was blessed with vast raw materials in the non-oil sector which can be leveraged to increase exports and improve our trade balance.<\/p>\n\n\n
She, however, noted that exportation of primary products without value addition through processing would not generate the desired level of foreign exchange needed to achieve economic diversification and accelerate economic growth.<\/p>\n\n\n
She implored the fiscal and monetary sides of policy authorities to take critical steps in providing a supportive operating environment for non-oil exporters for value-adding activities.<\/p>\n\n\n
\u201cNigeria\u2019s non-oil export sector is dominated by raw material and primary product exports over the years.<\/p>\n\n\n
\u201cWe could have generated much more in foreign exchange earnings if those raw materials were processed into value-added commodities before exportation.<\/p>\n\n\n
\u201cHowever, many manufacturers are not adequately abreast with the intricacies and availability of funding opportunities, particularly, by the NEXIM bank.<\/p>\n\n\n
\u201cWithout addressing these major challenges, it will be increasingly difficult for the economy to leverage the recent exchange rate depreciation of the Naira to enhance global competitiveness and correct our external imbalance.<\/p>\n\n\n
\u201cTherefore, we implore policymakers as a matter of urgency to create the enabling environment that would enable non-oil exporters add value to primary products before exportation.<\/p>\n\n\n
\u201cWhile some steps taken recently by the government on improving the fortunes of non-oil export are commendable, however, we need to do more.<\/p>\n\n\n
\u201cToday, we are focusing on funding opportunities for exporters by NEXIM Bank and are pleased to have them give us insights into these opportunities,\u201d she said.<\/p>\n\n\n
Chairperson, LCCI Export Group, Mrs Bosun Solarin, urged the bank to embrace newer exporters and request reasonable funding collaterals to engender manufacturing competitiveness in the Africa Continental Free Trade Area (AfCFTA).<\/p>\n\n\n
Solarin also called for an increase in turnaround time for fund disbursement, and greater support for women \u2013 owned businesses to push Nigeria\u2019s export diversification agenda to an enviable point.<\/p>\n\n\n
\u201cWe want the bank to embrace the new set of exporters and reduce their requirements which may be difficult for new exporters to meet.<\/p>\n\n\n
\u201cRequirements such as adequate collateral of not less than 150 per cent of loan value needs to be addressed and women owned businesses given preference to compete well in AfCFTA,\u201d she said.<\/p>\n\n\n
Responding, Mr Ugenyi Kalu, Head, Lagos Regional Office, Nigerian Export -Import Bank, said the bank welcomed applications from bankable projects and exporters in target sectors.<\/p>\n\n\n
Kalu said the target sectors included manufacturing, agriculture, solid minerals, transport, tourism and entertainment amongst others.<\/p>\n\n\n
He added that the bank in line with its mandate was ready to give support to the non-oil sector by providing financial services, risk bearing services, funds management, and advisory services.<\/p>\n\n\n
\u201cNEXIM is particularly interested in supporting and working with Small and Medium Enterprises (SME) to position Nigerian entrepreneurs to benefit from intra-African and global trade.<\/p>\n\n\n
\u201cThere are several export development opportunities for SMEs through collaborations and strategic partnerships with NEXIM bank.<\/p>\n\n\n
\u201cWe have the Small and Medium Enterprises Export Facility aimed at increasing deliberate funding to SME towards broadening Nigeria\u2019s export basket, facilitate industrialisation for value added exports.<\/p>\n\n\n
\u201cOur recently launched Women and Youth in Export Facility (WAYEF) is also aimed at up-scaling women and youth in the non export value chain to enable them take advantage of the numerous potentials in international trade,\u201d he said.<\/p>\n\n
Lagos Chamber of Commerce and Industry (LCCI) says exporters\u2019 easy access to funding from Nigerian Export \u2013 Import Bank (NEXIM) would accelerate the country\u2019s economic growth from the impacts of COVID-19 pandemic. Mrs Toki Mabogunje, President, LCCI made the assertion at a webinar on funding opportunities for exporters with NEXIM bank. Mabogunje, represented by LCCI […]<\/p>\n","protected":false},"author":1,"featured_media":23993,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[646],"class_list":["post-30752","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-nexim","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n