Dr. Bamidele Ayemibo, the lead consultant at 3T Impex Consulting, claims that 94% of bank requests for export financing from Nigerian exporters are denied.
Ayemibo delivered the speech at a NECA House event in Lagos with the theme “Stimulating Export Financing Growth in Nigeria.” He said that just 11% of 227 exporters who requested bank financing for exports in a survey intended to identify the obstacles impeding the growth of export in Nigeria were successful.
He emphasized that one of the main issues was that, according to the report, only around 11% of Nigerian exporters had their requests for export financing granted by the banks, while 94% had their requests rejected.
Explaining further, Ayemibo said one of the reasons exporters’ requests for financing got rejected by the banks was because a number of exporters were not ready, adding that the banks were also not ready because most of them were used to financing imports.