Experts Advocate Need for More Exporters to Attract Foreign Exchange
Trade experts have expressed the need to increase the ratio of exporters-Importers in the country, saying the number of exporters estimated at 1,200 is abysmally low.
They spoke at the town hall meeting hosted by the Banker’s Committee in Lagos with the theme, “Enhancing The Effectiveness Of Nigerian Products.”
According to the Lead Consultant, 3T Impex Consulting, Dr Bamidele Ayemibo, the country must improve the ratio of exporters to importers in the country.
He said, “My recommendation would be that we must urgently increase the number of exporters in Nigeria.
“Considering the fact that NEPC confirmed that the number of exporters in Nigeria is just about 1,200, whereas some other countries are having tens of thousands. So we need to be deliberate about increasing the number of exporters in Nigeria.
“The fact is that we already have importers who are partially ready for export. They need to understand why they must take going into export more seriously. So they won’t have to be queuing up with CBN, trying to look for FX every now and then, because they can generate it themselves. We must improve on our quality and standards which is very imperative.”
Earlier, the Director of Consumer Protection and Financial Inclusion Department, Dr Aisha Olatiwon, explained that the town hall meeting was a timely opportunity to examine how the country can collectively address these issues, build capacity across value chains, and support Nigerian businesses to compete more effectively at home and abroad.
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“The theme underscores the urgency of raising our standards to meet international benchmarks — not only to boost exports but also to inspire confidence in locally produced goods. From agriculture and manufacturing to fashion, technology, and creative industries, our ability to compete depends on how well we can align with best practices and deliver consistently high-quality products that command respect in global markets,” she said.
Executive Chairman of Lagos Inland Revenue Service (LIRS), Mr Ayo Subair, said taxation plays a crucial role in supporting sustainable growth, adding, “A transparent, efficient tax system is the backbone of a thriving business environment. It is through taxation that we build the infrastructure, services and policies that businesses require to flourish and innovate.”
Also, the President of the Manufacturing Association of Nigeria, Otunba Francis Meshioye, said the cost of funds for businesses is too high and unsustainable.
He urged the banker’s committee to rethink how they can help the production sector given the changing dynamics globally.
“One thing that is very important, like I mentioned and most people have mentioned, is that we need to do much more locally to bring our goods to that type that will be competitive. But the key point is that there are some things that have to be put in place. You have to change the dynamics of doing things and changing the dynamics, given this instance, really means that the bankers too will have to rethink. They have to think out what they need to do to assist in ensuring that business competitiveness is sustained.
“For instance, the manufacturer spent about N1.3 trillion on the interest rate and cost of funds last year, 2024, and that is huge. The next one is the cost of energy, which was about N1.2 trillion. So these two cost between 30 to 35% for the cost of funds, 30 to 40% for the cost of energy; these two are very important things to address to be sure that we become competitive,” he said.
