The Nigerian Export Promotion Council (NEPC) wants to strengthen partnerships with banks in order to help exporters close the financing gap and increase the nation’s export competitiveness.

    Ezra Yakusa, chief executive officer of NEPC, announced this during a capacity building session for banks that the council organized on Thursday in Abuja.

    Yakusak highlighted excessive interest rates and insufficient credit facility disbursement as major obstacles to non-oil export expansion. He emphasized that exporters’ access to banking services is crucial for their growth.

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    Banks play a vital role in processing Nigeria’s export profits form (NXPs), with 30 banks involved in issuing and processing NXPs in 2022, leading to a total export value of $4.8 billion. Yakusak expressed confidence in banks’ potential for further non-oil export growth, especially given the current foreign exchange policy.

    The official stated, “Equipping key stakeholders, like bankers, with export knowledge and expertise will promote efficient collaboration in advancing export business in the country.”

    Yakusak urged banks to develop an export-tailored finance framework, providing more flexibility and resources to assist exporters, particularly SMEs, in enhancing their export capacity and diversifying their export baskets.

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    Sources: Businessday