LCCI, others suggest ways to grow Nigeria’s economic

The Lagos Chamber of Commerce and Industry (LCCI) has said that the way to improve Nigeria’s economy and create new jobs is for the government to address the trade imbalance, especially in exports with other trading partners.

Gabriel Idahosa, president of the LCCI, who stated this, noted that doing so would strengthen the value of the naira and boost the economy, especially the manufacturing sector.

Idahosa spoke at the unveiling of the Annual Trade Finance Survey in Nigeria, 2024, organised by 3T Impex Consulting Limited, in Lagos at the weekend. He said the LCCI would always support ventures aimed at growing the economy, just like the 3T Impex Trade Academy.

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Idahosa sympathised with financial institutions over the increasing number of staff leaving the country for greener pastures after undergoing intensive training. He noted that most advanced countries in the world spend a lot to develop their talents to stand out, adding that Nigeria should not be left behind.

The LCCI boss said that training was crucial and that financial institutions must make it a routine for staff to keep up with the current global trends.

He commended the founder of the 3T Impex Trade Academy, for his intervention in providing a solution to the age-long export trading, which is critical to the revival of the nation’s economy.

Presenting the survey research report, Bamidele Ayemibo, the lead consultant at 3T Impex Consulting Limited, said the survey revealed a significant gap exists in the understanding and competence of Nigerian bankers in various aspects of international trade.

He said the lack of expertise not only affects the banks but also impacts Nigeria’s overall trade volume, which lags behind other developing countries with similar or even smaller populations like South Africa.

Adeyemibo said that the repercussions of this knowledge gap were manifold, noting that banks which are pivotal in facilitating international trade transactions, face heightened financial risks due to the inadequate understanding of payment methods, trade finance, and risk management.

“This lack of expertise may lead to inaccurate credit assessments, potential defaults, and financial losses, thereby compromising the stability and profitability of banks and shaking confidence in the financial system.

“Moreover, inefficiencies in trade documentation, compliance, and understanding of trade rules can result in delays, errors, and non-compliance with regulatory requirements.

“Such shortcomings can tarnish the reputation of banks and discourage foreign businesses from engaging in trade with Nigerian counterparts, further dampening the country’s trade prospects”, Adeyemibo said.

He said there was a need for the government and banks to have a framework to foster partnership in industry participation and audit to know if the banks were doing the needful to their staff.

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Akin Morakinyo, registrar, Chartered Institute of Bankers of Nigeria, said Nigeria must strive to address the problem of the trade deficit in exports.

Morakinyo lamented the inadequacy of accurate data, a situation he said was a major problem for our economic improvement. He decried the decadence in the educational system, saying it posed a significant challenge that must be resolved by the government.

According to him, “Singapore thrives on education, while every community in China is assisted to produce something to keep citizens engaged, thereby resulting in huge exports”.

While applauding the intellectual research work by Ayemibo and his team, the CIBN registrar said, “One doesn’t just fix a problem but must conduct proper research for a clear-cut solution.