3T Impex Consulting Limited unveiled its Annual Trade Finance Survey in Nigeria, highlighting experts’ concerns over the lack of knowledge among bank staff regarding export trading

The federal government has been urged to improve on the use of Technology in trade transactions to avoid distortions incase of pandemic that could orchestrate the lockdown of the economy in the future.

The Lead consultant at 3T Impex Consulting Limited, Dr Bamidele Ayemibo gave this charge at the unveiling of the Annual Trade Finance Survey in Nigeria, 2024 held at the LCCI Building, Alausa.

He ecalled that the Covid 19 pandemic caused major setback to export trading in particular among the developing countries with Nigeria suffering high losses.

Ayemibo also stressed the need for proper understanding and monitoring of Trade Finance and international trade among those in the banking sector in Nigeria.

According to him, Government and banks should have a framework to foster partnership in industry participation and audit to know if the banks are doing the needful with their staff.

The 3T Impex Consulting Limited boss also emphasised the need for specialised programmme for trade finance as it relates to functions of bank staff.

Dr Ayemibo who was speaking to the theme ” Nigerian Trade Finance Skill Gap Assessment Survey” disclosed that the research work took almost a year and samples collected from about seven hundred staff with different banks.

Regrettably he disclosed that most bank staff in Trade finance unit according to the outcome of the research lacked the necessary information and knowledge to assist their customers perfect export of their products.

Ayemibo also asked government to be proactive in addressing the japa syndrome which he said had created a lot of vacuum in the financial sector before it causes further damage.

The boss of the 3T Impex Consulting Limited announced that consideration would be given to the manufacturing sector during the next training to look at finance challenges and what banks can do to solve them.

On his part, the President of the Lagos Chamber of Commerce and Industry, Mr Gabriel Idahosa said that the only way to improve on the nation’s economy and create new jobs is for government to address the trade imbalance especially export with other trading partners.

He also believe that such will ensure the naira gain more strength and put an end to the recent goose chase of those accused of trading dollars in the country at the black market.

The LCCI President who gave this advise at the unveiling of the Annual Trade Finance Survey in Nigeria, 2024 put together by the 3T Impex Consulting Limited stressed that the body will always support every venture aimed at growing the economy just like the 3T Impex Trade Academy.

Mr Idahosa however sympathised with the financial institutions over the increasing number of staff that have left the shores of the country for greener pasture after going through intensive training.

According to him, most advanced countries in the world spend so much to develop their talents in order to stand out adding Nigeria should not be left behind.

He explained that the training is very crucial as financial institutions must make it a routine for staff to meet up with the current global trend.

The LCCI boss commended Dr Ayemibo for his intervention in providing solution to the agelong Export trading that is very critical to the revival of the nation’s economy.

Also speaking, the Registrar of the Chartered Institute of Bankers of Nigeria, Mr Akin Morakinyo was of the view that the country must break the yoke of the trade deficit in export.

He pointed out that lack of data constitute a major problem to our economic improvement adding the decadence in the educational system remain a big challenge.

According to him, Singapore thrives on education while every community in China is assisted to produce something to keep citizens engaged thereby resulting to huge exportation.

While applauding the intellectual research work by Dr Ayemibo, the CIBN Registrar made it clear that you don’t just fix a problem but conduct proper research first for clear cut solution.

While sharing their experiences at the 3T Impex Trade Academy, Emmanuel Agada, a finacial Expert described the training as highly practical and engaging.

He noted that wholistiic approach to export was thought saying the lectures was simplistic.

The financial expert disclosed that the six month intensive course broaden their knowledge on how to mitigate risk in the line of duty.

Emmanuel Agaga also said that the Training provided him platform to discover new knowledge and gave him the confidence to stand before CEOs to provide solutions to their problems.

Babajide Olayinka of the Training Finace and Treasury Department in BUA Cement lamented over lack of due recognition to trade financing in most companies.

He said that some manufacturers also neglect the trade financing for Treasury aspect.

Bbabajide Olayinka noted that the training boosted his career having got a better job barely few months after attending the Training.

He recommended the training to other corporate bodies that aspire to boost their export profiles.