• Tuesday, May 21, 2024
businessday logo

BusinessDay

Experts want Nigeria to address trade imbalance with partners

Lessons on sustainable systems: Nigerian public sectors versus private institutions

…as 3T Impex unveils annual trade finance survey

The Federal Government has been urged to improve on the use of technology in trade transactions with partner countries to avoid distortions in the event of pandemic that could orchestrate the lockdown of the economy in the future.

Bamidele Ayemibo, the lead consultant at 3T Impex Consulting Limited, gave the charge at the unveiling of the annual trade finance survey in Nigeria, 2024 held in Lagos recently.

Read also: Nigeria Customs moves to expand trade relations with Benin Republic

According to Ayemibo, the COVID-19 pandemic caused a major setback to export trading in particular among developing countries, with Nigeria suffering huge losses.

Ayemibo also emphasised the need for proper understanding and monitoring of trade finance and international trade among those in the banking sector in Nigeria.

He called on the government and banks to have a framework to foster partnership in industry participation and audit to know if the banks are doing the needful with their staff.

The 3T Impex Consulting Limited boss also stressed the need for a specialised programme for trade finance as it relates to functions of bank staff.

Ayemibo, who spoke on the theme, “Nigerian Trade Finance Skill Gap Assessment Survey”, disclosed that the research work took almost a year and samples collected from about seven hundred staff with different banks.

Regrettably he disclosed that most bank staff in the trade finance unit, according to the outcome of the research, lacked the necessary information and knowledge to assist their customers in perfect export of their products.

Ayemibo also asked the Federal Government to be proactive in addressing the japa syndrome which he said has created vacuum in the financial sector, so as not to cause further damage to the system.

He also noted that consideration would be given to the manufacturing sector during the next training to look at finance challenges and what banks can do to solve them.

On his part, Gabriel Idahosa, president of the Lagos Chamber of Commerce and Industry (LCCI), said that the only way to improve on the nation’s economy and create new jobs was for the government to address the trade imbalance, especially export with other trading partners.

Read also: Report unfair trade practices, consumer protection commission tells Nigerians

He believed that such would ensure the naira gains more strength and put an end to the recent goose chase of those accused of trading dollars in the country at the black market. The LCCI president said the body would always support ventures aimed at growing the economy, like the 3T Impex Trade Academy.

Also speaking, Akin Morakinyo, registrar of the Chartered Institute of Bankers of Nigeria, was of the view that the country must break the yoke of the trade deficit in export. He said that the lack of data constitutes a major problem to Nigeria’s economic improvement, just as he decried the decadence in the educational system.