By Neebari Dum Nwalu
Udofia Ofon, an expert in the export sector and executive secretary, Institute of Export Operation and Management, (IEOM), has called for increased participation in exporting to strengthen Nigeria’s Foreign Exchange and boost the economy.
Ofon made the call at the 2024 GTBank/IEOM Entrepreneurship Programme held at the auditorium of National Stored Product Research Institute, (NSPRI) Mile 4, Rumueme Port Harcourt .
In his Presentation, Ofon, charged exporters to take due diligence in product processing and to ensure a proper understanding of the clauses and terms of contract to mitigate loses while carrying out there export business.
He also stressed the need to choose the right payment method. He outlined some of the options available to exporters to include Cash in Advance, Letters of Credit (LOC) (which numbers about 21 different types), Documentary Collection, Open Account and Consignment. Udofia outlined the need for a structure of payment to be put in place to protect parties in the transaction, stating that payment method is a critical aspect of export business the world over.
Udofia further called on the government to play it’s role, that is to ensure transparency in product monitoring and certification and remove all bureaucratic bottlenecks which he said were impacting negatively on the export business in the country. He said move would strengthen the confidence of other nations in Nigeria’s economy and protect the image of the country in the comity of States.
One of the high points of his address was on the need for Nigerian exporters to know their rights, be transparent at all times, and to collaborate with relevant bodies and agencies within and outside the country to get needed protection from exploitation and to be able seek redress when and where the need arises.
In her speech, Mercy Odibe of the IEOM and the Coordinator Women in Export, stressed the need for product analysis and proper lab testing for exporting for those exporting agricultural products. She also urged exporters to prepare their Performance Invoice (PI) well in advance to ensure a timely and efficient export.
She also stated that when the right steps were taken, goods delivered, and payment made promptly, it builds trust in Nigeria economy and leads to a repeat order, describing it as healthy for the nation’s exporting business .
Odibe also identified a lack of standard as the major reason why some products from the Nigeria were being rejected. She urged exporters to ensure that goods from Nigeria met international standard; a step which she said would protect the image of Nigeria abroad as well as promote the business of exporters in the country.
In her goodwill message, Mrs. Mandu Inana, Acting Zonal Coordinator NSPRI, encouraged all exporters of agricultural products to take advantage of the service provided by NSPRI. She also expressed her organization’s readiness to partner all in the value chain.
Speaking on the role of Guarantee Trust Bank in export promotions in Nigeria, Mr. Kenneth Odion, who specializes in foreign operations, International Settlements, Exports and Imports in the bank, assured participants at the event of robust collaboration as outlined the different roles the bank is playing to promote export in Nigeria.
He tasked exporters in Nigeria to always document their export as it is the best way to go.
Odion also stated that the bank has evolved over the years especially in terms of technology and methods of providing services to exporters, as there is no need for customers to come to banking hall to carry out export transactions, saying most of the activities can now be done from the comforts of their homes.
Some of the participants at the event, especially those new to export business, lamented the inability to access funds from banks in the country to enable them execute their order. They called on the Federal Government and the Central Bank of Nigeria (CBN) provide more support to first time exporters.
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