The Association of Corporate Affairs Managers of Banks (ACAMB) has called for the expansion of Nigeria’s trade collaboration and the establishment of industrial hubs to boost exports.
In an interview with journalists in Lagos on Monday, ACAMB president Rasheed Bolarinwa emphasised the need for Nigeria to adopt a more efficient approach to export procedures.
The call comes in light of the recent U.S. traffic hikes on Nigerian exports.
Mr Bolarinwa suggested that Nigeria explore markets beyond the U.S. and create an enabling environment for exporters through incentives.
He also urged the federal government to develop industrial parks and clusters across all six geopolitical zones, ensuring affordable infrastructure like electricity and transportation.
Mr Bolarinwa called for the establishment of economic zones where production and export processes would be streamlined, reducing bureaucratic delays and allowing for faster movement of goods.
He explained that this would prevent goods from deteriorating before reaching their destination.
Mr Bolarinwa also urged regulatory agencies at the country’s ports to harmonise operations to eliminate bottlenecks that cause losses to exporters, particularly delays that affect the quality of Nigerian products and lead to rejections in international markets.
Highlighting the challenges of high production costs and inadequate infrastructure, he pointed out that some African countries were able to export goods the same day they were produced, which Nigeria should aim to replicate.
He also stressed the importance of diversifying the economy, encouraging banks to support viable businesses, and urging exporters to gain knowledge of international markets and add value to local produce to maximise foreign exchange earnings.
