A new report has identified lack of financial support from banks as the bane of export business in Nigeria.

According to the survey released yesterday in Lagos, 94per cent of exporters experienced rejection of their financing requests by Nigerian Banks.

It unravels the root causes of the lack of growth of export business in Nigeria and provides insights into what needs to be done by the government, banks, and other stakeholders to fix the problems.

The survey was conducted by a financial expert, Bamidele Ayemibo who stated that the country would continue to fail to meet her export target unless logistics hindering it are urgently resolved.

He also stated that banks should be deliberate in providing Forex to those in the export sector for the country to move from an import dependent economy.

While presenting the maiden report on Annual Trade Finance Survey 2022, Ayemibo further revealed that Africa represents 2.5% of the total export in the world.

The report further revealed that 42 per cent of rejected export finance requests were done without any reason given to the exporters while 21 per cent of the rejected exports financing requests were based on lack of or inadequate collateral security.

The survey however showed that only 11% of exporters received approval for their export financing request.

Ayemibo who is the director, 3T Impex Trade Academy stressed the need for the country to put up necessary sanctions to remove all bottlenecks Nigerians face at the port trying to export their products.

Daily Trust