The Central Bank of Nigeria (CBN) on Tuesday said it is working with Nigeria National Accreditation System (NINAS) to ensure that all laboratories in the country have a standard referred to as ISO 17025.
This follows the rejection of 30 containers of cassava from Nigeria by China. “30 containers of cassava were rejected in China which means that our laboratories here are not testing them. So CBN is going to work with the laboratories,” Richard Maikai, principal manager, trade and exchange department, CBN, said at GTR West Africa event sponsored by Rand Merchant Bank (RMB).
He said although the CBN does not build labs, it is already working with NINAS, a regulatory body that oversees all the laboratories in this regard.
“So once we can upgrade and make sure that every lab is ISO17025-certified, then we are good to go and we won’t have such lose again,” Maikai said.
According to him, every investor would want to know that when they invest their funds, they would be able to recoup such funds back. In the past 36 months, there has been relative stability in the exchange rate.
“Our reserves, even though marginally increasing, we are always ready to defend the Naira and because of that, investors will certainly come because we have access and no restrictions to withdrawals,” he said.
Trade is a major tool for boosting economic growth and capital formation. According to a World Bank report, “foreign trade helps to end global poverty and grow economies faster”.
“At RMB Nigeria, we have vast experience in facilitating global and international trade by leveraging on our infrastructure encompassing people, process and systems to deliver customized trade solutions for our clients,” Michael Larbie, managing director/CEO, Rand Merchant Bank Nigeria Limited, and regional head of West Africa, said.
As at the third quarter (Q3) 2019, Nigeria’s foreign trade hit N9.18 trillion driven by non-oil exports, the 2nd largest contributor to the country’s GDP.
“Trade will remain a pivotal part of the Nigerian economy. RMB Nigeria’s interconnectivity with several banks across the globe will harness trade opportunities and deliver economic and capital growth to the nation”.
“At Rand Merchant Bank, we take Trade Finance seriously. Our solutions which cater to our clients’ needs, address known risks associated with Trade Finance.
Whether you are an importer or exporter, RMB will help you navigate the waters of international trade and reduce inherent risk. It is for this reason we are recognised as a leading trade finance bank on the African continent,” Larbie said.
Speaking with BusinessDay, Minos Gerakaris, global head, trade finance, trade and working capital, Rand Merchant Bank, said the forum was for trade finance practitioners, banks, corporates, government and development finance institutions to get together and discuss trade finance in West Africa.
“It is a useful exercise once a year to together as all the parties involved in trade finance to have dialogue relating to unlocking regulation looking at new technology which will facilitate trade and enhance relationships,” he said.