NEXIM Bank CEO Urges Importers to Embrace Export Trade

•Launches NEXHUB Lagos office to boost international trade

Dike Onwuamaeze

The Managing Director of Nigerian Export Import Bank (NEXIM), Mr. Abubakar Abba Bello, has urged businessmen, especially importers in Alaba International Market, Aspanda and Trade Fair, to embrace export business as a way of earning foreign exchange and bolstering the economy. 

Bello, made the call yesterday, during the inauguration of the Nigerian Exporters’ Hub (NEXHUB) Lagos Regional Office, a forum for people to meet for the purpose of international trade.

He said: “I encourage everyone to get on the wagon and start thinking export. Even businessmen from ASPANDA, Trade Fair, Alaba International Market should start generating their own foreign exchange through exportation.

“I am encouraging you as importers to look away from reliance on import and go into export. You will generate your own foreign exchange and put it into use if you want to import.

“We want you to do less and less import and to do more export for our economy to get stronger and the Naira to get stronger also.”

He added that this shift would demand a new mind step and deliberate steps to achieve.

“We have to start thinking differently. We have to be innovative. We have to explore and exploit all the resources that abound in this country.

“Today the economy is having issues around forex instability, inflation and unemployment. So, deliberate export of non-oil goods and products is the way to go,” he said.

Bello, explained that the NEXHUB would bring Nigerians and Nigerian products together with the export market by providing market information that would remove the challenges that make it difficult to export from Nigeria.

“It is an export house that aggregates all Nigerian exports and represent them in the international market.   This hub will make it easier for me to offer finances because it will assume some of the risks that I fear about as a financial institution.

“Because what stops fund from flowing to export is the very high risk that is associated with it. 

“We are very ready to support every potential exporter irrespective of his or her volume of export. We have facilities that are tailored for every class of exporters, including Nano businesses. Once you have a product and a market we can lend money to you to do that as part of our trade facilitation,” he said.

The Special Assistant to President on Export Expansion, Mr. Aliyu Bunu Sheriff, said exports was a crucial strategy in addressing the country’s economic challenges like shortage of foreign exchange, inflation, etc.

Sheriff, said increasing non-oil export would create jobs and generate much needed foreign exchange and reduce dependence on oil revenue.

“The challenge for Nigeria now is to transition from consumption based economy to one that is focused on production.

“We need to prioritise domestic production, add value to our local commodities and ensure that products made in Nigeria are recognised for their quality and competitiveness on the international stage.

“This shift is essential for the stabilisation and future prosperity of our economy.

“However, successful export strategies required a supportive business environment and robust structure, which is one of the reasons NEXHUB is very crucial as an important platform that is facilitating international trade.”

The Chairman of NEXHUB, Dr. Victor Ayerere, said the export hub is an offshoot of the Nigerian Export Trade House China/Far East Region, which is a federal government initiative through the Nigerian Export Promotion Council’s non-oil export expansion facility program.

Ayerere said: “The NEXHUB is a forum for different individuals to meet for the purpose of international trade.

“It is dynamic electronic and digital platform that connects buyers and sellers. It also has window for the purpose of domestic trade.

“Its purpose is to bridge the trade deficit between Nigeria, China and other Far East countries.”

He said NEXHUB would teach prospective exporters how to export, and where, what and whom to export to.