The Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Ezra Yakusak, has highlighted the lack of access to banking services as a significant challenge inhibiting the growth of non-oil exports in Nigeria. He conveyed this during a capacity building program for bankers in Abuja.
The event’s focus was on enhancing non-oil export growth through effective export procedures, documentation, and logistics. The objective was to foster collaboration to promote export competitiveness and align with the Federal Government’s economic diversification agenda.
Yakusak emphasized that restricted access to banking services is attributed to high interest rates and limited disbursement of credit facilities for financing non-oil exports. This has impacted the performance of non-oil exports, as many exporters lack the financial resources needed to establish modern export-related industries and ensure the production of high-quality products.
He stated, “The non-oil export sector holds a crucial role in Nigeria’s economic development. Despite the nation’s abundant potential in globally traded products like cocoa, ginger, cashew, and more, challenges such as knowledge gaps, difficult procedures, documentation, and inadequate packaging hinder us from fully benefiting from this potential.”
Opinion: The hurdles faced by non-oil exporters in Nigeria highlight the need for comprehensive support from financial institutions. By addressing the issues of access to finance, knowledge, and streamlining procedures, banks can play a pivotal role in propelling the growth of non-oil exports and contributing to the country’s economic diversification efforts.