A major hindrance to the smooth growth of non-oil exports in Nigeria is the limited access that exporters have to banks' financial services.

Dr. Ezra Yakusak, the Chief Executive Officer of the Nigerian Export Promotion Council, highlighted this challenge during a capacity-building event organized for bankers on non-oil export commodities at the council headquarters in Abuja.

According to Yakusak, the high-interest rates imposed by banks and their low disbursement of credit facilities to finance non-oil export trade are significant obstacles faced by the nation's non-oil export business sector.

The recent increase in the benchmark interest rate to 18.75 per cent by the Monetary Policy Committee of the Central Bank of Nigeria has further exacerbated the issue.

The CEO emphasized that these unfavorable lending conditions negatively impact the nation's non-oil exports.

To foster the growth of this sector, it is crucial for financial institutions to address these challenges and provide more accessible and supportive financial services to exporters.

The event themed, “Enhancing non-oil export growth through effective export procedures, documentation and logistics” was part of the Council’s effort at strengthening collaboration in promoting export competitiveness to achieve the economic diversification agenda of the federal government.

In his welcome address, the CEO of NEPC highlighted the significant role that the non-oil export sector plays in Nigeria's economic development. He emphasized that this sector offers excellent opportunities for more Nigerians to participate in the global market and earn foreign exchange.

However, the CEO pointed out that many exporters lack the necessary financial resources to establish modern export-related industries and produce high-quality products. To address this requirement, banks play a crucial role in providing financial support to boost the issuance and processing of NXP forms, which contributed to a total export value of $4.8 billion in 2022.

In his welcome address, the CEO of NEPC highlighted the significant role that the non-oil export sector plays in Nigeria's economic development. He emphasized that this sector offers excellent opportunities for more Nigerians to participate in the global market and earn foreign exchange.

However, the CEO pointed out that many exporters lack the necessary financial resources to establish modern export-related industries and produce high-quality products. To address this requirement, banks play a crucial role in providing financial support to boost the issuance and processing of NXP forms, which contributed to a total export value of $4.8 billion in 2022.

Ezra also argued that bankers stress the significance of banks in non-oil export commerce and the need for them to develop their export knowledge and skills in order to complement one another more effectively when promoting export business.