The 2022 3T Impex Consulting Annual Trade Finance Survey has unraveled the root causes of the lack of growth of non-export volume in Nigeria.
These include, high rate of inflation which has resulted in high cost of living, high rate of exchange of the Naira to major foreign currencies used to pay for imported goods.
Major findings of the trade finance survey revealed that 94% of exporters experienced rejection of their financing requests by Nigerian banks, while 42% of rejected export finance requests were done without any reason given to the exporters.
21% of the rejected export financing requests were based on lack or inadequate collateral security and Only 11% of exporters received approval for their export financing request.
The report added that 57% of exporters identified access to export finance, port logistics and delays by government agencies
at the port.
