Wema Bank rallies importers, exporters for seamless international trade

Wema Bank has advocated for stakeholders to work towards eliminating barriers impeding efficiency and seamless international trade operations in Nigeria.

The bank made the advocacy at its first physical Importer-Exporter Forum held Wednesday, February 21, 2024, in Lagos, with the theme, “Building a symbiotic trade ecosystem for effective trade decisions.”

The forum brought together importers, exporters, aspiring international traders and relevant regulatory bodies, to address issues hampering international trade in Nigeria and proffer mutually beneficial import-export synchronisation.

The event also witnessed the launch of the Wema Export Trade Academy, a virtual educational facility for nurturing international trade enthusiasts. The academy is designed to guide export enthusiasts from incubation, equip them with expert resources to identify the right products, locate willing buyers, navigate regulatory provisions, receive payments, access funding and build a sustainable export trade business.

Moruf Oseni, Wema Bank’s managing director/CEO, highlighted the lender’s dedication to providing cutting-edge solutions for businesses. Oseni noted that the end goal was to create a new generation of trade champions to propel Nigeria to the forefront of the global trade marketplace.

“We have a wealth of natural resources and a burgeoning entrepreneurial spirit; what we need are the right tools, knowledge and partnerships to translate this potential into tangible trade success stories. This forum, coupled with our Wema Africa Trade Academy is our way of providing tools for entrepreneurs in the International Trade sector”, Oseni said.

Mahmud Hassan, director, trade and exchange department, Central Bank of Nigeria, shared some insight on the bank’s role in international trade and the navigation of monetary challenges.

“Managing trade in Nigeria has both physical and monetary aspects as effective trade in Nigeria depends on synergy between the physical and monetary authorities. The CBN draws its power on trade oversight from the core mandates of the CBN such as price stability and the maintenance of the country’s external reserve to safeguard the international value of the naira,” he said.

David Olurin, managing director, Cardinal Torch Company Limited, praised Wema Bank’s pivotal role in facilitating his company’s success in international trade.

“Our road to success in the non-oil export sector was fraught with challenges from limited resources to finding the right partners, financial constraints. In our moment of need, Wema Bank emerged as a beacon of hope, offering a lifeline with their innovative financing solutions that reflected a deep understanding of our needs.

As we continue to expand our footprints, I extend our utmost gratitude to Wema Bank for fuelling our aspirations and helping us access new markets,” he said.