The Chief Executive Officer of the Nigerian Export Promotion Council, Dr Ezra Yakusak, has said that limited access to banks’ financial services by exporters is one of the significant challenges stifling the smooth growth of non-oil export in the country.

Yakusak said this on Thursday, while speaking with export desk officers from 29 financial institutions during a capacity building for bankers on non-oil export commodities at the council headquarters in Abuja.

Recall that the Monetary Policy Committee of the Central Bank of Nigeria, recently increased the benchmark interest rate to 18.75 per cent from 18.5 per cent in May.

He said, “The lending institutions’ high-interest rates and low disbursement of credit facilities to finance non-oil export trade, adversely affect the nation’s non-oil exports.”

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.

The NEPC boss in his welcome address, explained the role of the non-oil export sector in the economic development of Nigeria, stressing that the sector presented excellent opportunities for more Nigerians to participate in the global market space to earn more forex.

According to him, most exporters lacked the financial muscle required to set up modern export-related industries and production of high-quality products.

As a result of this need, banks must provide financial support to increase the issuance and processing of NXP forms, which led to an export value of $4.8bn in 2022, he noted.

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