Ecobank Nigeria and the Lagos Chamber of Commerce and Industry (LCCI), are collaborating to provide various financing options available for exporters, regulatory frameworks, and the role of public and private sector institutions in promoting export businesses.
President, LCCI, Dr. Oladele Cole, speaking at a seminar organized in conjunction with Ecobank Nigeria, also said breaking barriers to export finance is critical to stakeholders in the export and import business.
Cole said such funds are targeted to expose and sensitize stakeholders on the potential and rich possibilities available in the industry.
Also speaking, the Executive Director, Commercial Banking, Ecobank Nigeria, Kola Adeleke, said export finance remains a critical tool for businesses looking to expand globally, noting that it is essential to find ways to break the barriers that hinder businesses from accessing it.
“Export finance can help businesses to bridge the funding gap that often occurs between production and payment, enabling them to take on larger orders and enter new markets. It is also crucial in managing risks associated with exporting, such as foreign exchange rate fluctuations, non-payment by overseas customers and political risks.”
He disclosed that Ecobank remains the bank to partner with in terms of getting ahead of trade export business in Nigeria.
He said: “Our unique positioning in 33 African countries enables us to leverage our extensive network to reduce the number of financial partners and relationships in executing trade. We own the switch connecting countries where we operate across Africa.
“This centralized switch enables easy integration. We possess knowledge of the local markets in which we operate resulting in unparallel financial advisory. We offer real-time settlement across Africa and our customers enjoy instant transfers across 33 African countries.
“Ecobank has a reputation for developing innovative products as the bank has won us several international, regional, and local awards and we aspire to be the gateway to pan-African payments and trade.”
Presentations were made on the role of export credit agencies such as NEXIM and other government agencies in supporting export finance and exploring the challenges faced by businesses in accessing these services.
Export finance is also crucial in managing risks associated with exporting, such as foreign exchange rate fluctuations, non-payment by overseas customers and political risks.