As Nigeria intensifies efforts to attract more foreign exchange into the economy, trade experts have called for an increase in the ratio of exporters to importers, as well as the provision of single-digit interest rates for exporters to boost local production.
Speaking during a town hall meeting organized by the Bankers’ Committee in Lagos recently, Bamidele Ayemibo, lead consultant at 3T Impex Consulting, stressed the necessity of significantly improving the number of exporters in Nigeria.
According to him, “My recommendation is that we must urgently work towards increasing the number of exporters in Nigeria. The Nigerian Export Promotion Council (NEPC) has confirmed that we currently have only about 1,200 exporters. Meanwhile, some other countries boast of tens of thousands. Therefore, we must adopt deliberate strategies to grow our exporter base.
“We already have importers who are partially prepared for export. What they need is a clear understanding of why venturing into export should be taken seriously. This will prevent them from constantly lining up at the Central Bank of Nigeria (CBN) to source foreign exchange when they could generate it themselves. Additionally, we must improve our product quality and adhere strictly to international standards, which is absolutely imperative.”
He also emphasised the importance of making single-digit interest rates available to exporters, while advocating for a population that is adequately prepared and equipped for export activities.
With the event themed, “Enhancing the Effectiveness of Nigerian Products,” Ayemibo underscored the importance of equipping exporters with knowledge on alternative means of raising capital beyond traditional bank financing.
“In my opinion, there are no real barriers at the ports. I am an exporter myself, and I can say that the real challenge lies in funding. This is why single-digit funding is extremely important. But more imortantly, we need to ensure that people are truly export-ready.
“If more people are adequately prepared for export, they will find ways to raise the necessary funds. And it doesn’t always have to be through banks, considering the high interest rates. Export-ready individuals can access funding through various channels, including private investors, venture capitalists, and other sources of finance,” he explained.
Earlier in the event, Aisha Olatiwon, director of the Consumer Protection and Financial Inclusion Department, described the town hall meeting as a timely platform to explore collective solutions to ongoing challenges, build capacity across various value chains, and empower Nigerian businesses to compete effectively both locally and globally.
“The theme of this town hall meeting highlights the urgent need to elevate our standards to meet international benchmarks, not just to boost exports but to build consumer confidence in locally made goods. Whether in agriculture, manufacturing, fashion, technology, or the creative sectors, our competitiveness hinges on our ability to align with global best practices and consistently deliver high-quality products that command respect in the international market,” she said.
Also speaking, Chinyere Tony-Eke, Group head of Digital Banking at Globus Bank, emphasised the critical need to transition Nigeria’s economy towards one that is more export-driven.
She noted that achieving international competitiveness requires structured collaboration between government, the private sector, and individuals to advance the export agenda.
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According to her, targeted capacity-building initiatives must be directed at both businesses and individuals, particularly within local communities, to ensure they are well-prepared to take advantage of export opportunities.
She added that stakeholders across the entire export value chain must be trained and actively involved. While awareness of export prospects exists, she identified the major hurdles as access and the technical knowledge required to enter and succeed in the export space.
In his remarks, Ayo Subair, executive chairman of the Lagos Inland Revenue Service (LIRS), stated that the financial sector would continue to play a vital role in providing the capital and innovation necessary to fuel entrepreneurship and drive national economic growth.
“The theme of this town hall meeting resonates strongly with the joint aspirations of the public and private sectors, which is to unlock the full potential of Nigeria’s financial system in a resilient and inclusive manner. This includes promoting export diversification and supporting local businesses through enhancements in product quality, packaging, and branding.
“As we navigate the current reform landscape, it is crucial to acknowledge the vital role of taxation in ensuring sustainable growth. A transparent and efficient tax system forms the backbone of a thriving business environment. It is through taxation that we provide the infrastructure, services, and policies needed for businesses to grow and innovate,” he stated.
Also contributing to the conversation, Francis Meshioye, president of the Manufacturers Association of Nigeria (MAN), called for a reduction in the cost of funds available to businesses in the country.
He urged the Bankers’ Committee to reassess how they can better support the production sector in response to evolving global dynamics.
“One very important point, which I and many others have emphasised, is that we must do more locally to ensure our goods meet the standards needed to be globally competitive. Achieving this requires us to change the way we do things. In this regard, the banking sector must also re-evaluate its role. They need to determine what strategic steps to take to support sustained business competitiveness.
“For example, manufacturers spent about N1.3 trillion on interest payments and the cost of funds in 2024 alone, which is enormous. In addition, they spent another N1.2 trillion on energy costs. These two factors, cost of funds and cost of energy account for roughly 30 to 35 percent and 30 to 40 percent, respectively. Addressing these issues is critical if we are to become globally competitive.
“Therefore, we must intentionally encourage local businesses to embrace exports. But this can only happen if they are capable of producing high-quality goods at competitive prices,” he added.
