Banks reject over 90% of exporters’ loan requests in Nigeria – Economic expert

An economic expert, Mr Bamidele Ayemibo has said banks reject over 90 per cent of Nigerian exporters’ requests for export finance.

Ayemibo said this at the ‘Stimulating Export Financing Growth in Nigeria,’ event held recently at the NECA House in Lagos.

He said the feedback from a survey on exporters showed a bleak hope for Nigeria’s export industry.

According to the findings of the survey, the reason banks reject financing exporters is that they are used to only import financing.

He said in a survey aimed at unravelling the challenges hindering export growth in Nigeria, out of 227 exporters who made export financing requests from banks, only 11 per cent of them sailed through.

Advertisement

The lead consultant at 3T Impex Consulting said, “Some of the assessment criteria for financing exports that they are using are what they use for other means of transaction. But there are other models they can use to assess risks and do good credit scoring and be able to finance not recklessly and still avoid losses on the transaction”.