Given the huge benefits in non -oil export which is yet to be fully harnessed in this clime , Policy Development Facility,Phase II, has organised a capacity building programme for exporters and financiers, to improve growth in the sector.
According to the organisers, the training became imperative to address the challenge of knowledge gap that has prevented the sector for so long.
Speaking at the three -day exercise which gathered regulators,bankers and exporters, Chief Executive Officer, 3 Timplex Trade Academy, Bamidele Ayemibo , emphasized the importance of the non oil export to push the Federal Government ‘s diversification efforts.
He explained that despite the prospects in the sector, financiers, especially commercial banks, refrained from lending money to exporters and this is because they have a narrow view of the opportunities in the business.
He noted that sector ‘s improvement by 13.3 percent, driven by manufacturing in Q1 2019 as well as N60 billion export value, are not enough compare to the resources and raw materials available in the country.
He said,” Quite a lot of challenges are preventing excellent performance in the sector and they are not limited to product , pricing, paper work, payment and purchasers issues.
“These challenges persist because investors have limited knowledge of the business, hence, the importance of continous capacity building to widen investors horizon and keep them abreast of industry trends, which in the end will prove beneficial to investors and economy at large”.
He pointed out that banks have failed to support export business because they don’t know how export work as they have only mastered import trade, while most exporters too don’t know how to justify their deals before the banks.
He remarked that the training was well- timed considering the fact that the Central Bank of Nigeria, CBN, has made finance available to fund non-oil exports.
On his part, Policy Experts, PDFII Trade Policy Work Stream, Olumuyiwa Alaba, explained that both PDFII and United Kingdom Aid, UKAID, observed the knowledge gap in the industry which is why they have come together to sponsor the training exercise .
Alaba said he hoped that at the end of the training exercise, participants will go back to their drawing board and make proper adjustments where needed.