Only Increased Exports Will End Scramble For Dollars – LCCI President

Speaking at the unveiling of the Annual Trade Finance Survey in Nigeria, 2024, organized by the 3T Impex Consulting Limited at the LCCI Building in Alausa, Lagos, Idahosa highlighted the detrimental impact of Nigeria’s trade deficit on the economy. He stressed that the imbalance would persist without a significant boost in exports relative to imports, further weakening the naira and perpetuating the reliance on foreign currency.

The survey findings revealed a notable gap in Nigerian bankers’ knowledge and proficiency in various aspects of international trade, which affects both the banking sector and Nigeria’s trade volume. Idahosa underscored the importance of enhancing trade expertise among bankers to facilitate smoother international transactions.

He emphasized the crucial role of exports in bolstering currency value, stating, “It is export that grows the value of any currency. Export, export, and export more.” Idahosa emphasized that increased export activities would reduce reliance on buying dollars, ultimately strengthening the naira.

Furthermore, Dr. Bamidele Ayemibo, the lead consultant at 3T Impex Consulting Limited, advocated for integrating technology in trade transactions and emphasized enhanced human capacity development among bankers to navigate international trade challenges effectively.

The survey, which engaged over 700 bankers from tier one and tier two banks, non-interest banks and merchant banks, aimed to address the skill gap in export finance and improve trade finance practices in Nigeria.

Participants at the summit expressed appreciation for the insights gained from the intensive course facilitated by the consulting firm, acknowledging its contribution to their understanding of risk mitigation in international trade finance.