NEPC To Equip Banks With Expertise To Support Non-Oil Exports

The Federal Government has reiterated its commitment to strengthening collaboration that will promote Nigeria’s export competitiveness, to achieve its economic diversification agenda.

Dr Ezra Yakusak, Executive Director, Nigerian Export Promotion Council (NEPC), said this on Thursday in Abuja, at a capacity building programme for bankers, organised by the council.

According to Yakusak, the non-oil export sector plays a very important role in the economic development of the nation and ensures Nigeria’s participate in the global market space.

He said Nigerian exporters faced numerous challenges, ranging from knowledge gap, access to finance, cumbersome procedures and documentation, poor packaging among others.

”Access to bank financial services by exporters is one of the major challenges stifling the smooth growth of non-oil export

“This is due to high interest rates and low disbursement of credit facilities to finance non-oil export trade.

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

“The NEPC, as a responsive agency, has identified capacity building as a priority for relevant stakeholders in the non-oil export value chain.

“ We believe that when key stakeholders like bankers, are equipped with the necessary export knowledge and expertise, they will work more efficiently to complement each other toward the promotion of export business in the country,” he said.

Yakusak reiterated the importance of the banking institution to non-oil export saying that without the banks, no formal export trade could be undertaken.

“May I inform you that in the year 2022 non-oil export performance report, a total number of 30 banks participated in the issuance and processing of NXPs forms.

“This led to a total export value of $4.8 billion, the highest recorded since the creation of the NEPC in 1976,” he said.

The NEPC boss said the responsibilities of export desk officers was critical in facilitating export processes and procedures.

He said, “This informed our decision to organise this special technical session for all of you. I am optimist that this programme will deepen your understanding of the processes in non-oil export trade and assist in providing efficient export advisory services to clients.

“Your participation in this training programme is therefore not only of great value to you and the bank you represent, but also important to the entire non-oil export sector and the nation at large.”

ENDS