Thursday, October 25, 2012

NEXIM to Promote Trade in West Africa

The Nigerian Export and Import Bank (NEXIM) has said it is facilitating the establishment of a regional shipping line that will boost trade within the Economic Community of West African States (ECOWAS) region.

Managing Director, NEXIM, Mr. Robert Orya, disclosed this in an interview with newsmen on the sideline of the induction of fellows by the Chartered Institute of Bankers of Nigeria (CIBN).

“Our exporters will not be able to enhance the volume of non-oil trade flows. So, what NEXIM has done is to find a way of facilitating the setting up of a regional maritime shipping line to be run by the private sector, because it is the private sector that is actually trading,” Orya stated.

According to Orya, NEXIM as an agency has the mandate to enhance non-oil exports for the diversification of the economy, adding that the institution is working on a number of measures to boost non-oil exports.

He explained that the regional shipping line would be run by the private sector, adding that the proposed shipping line is expected to assist exporters.

Orya added: “The movement of goods from Lagos with truck to Ghana takes only six days but it takes 60 days to move goods from Lagos to Ghana by sea because the ship would first take the goods to Europe and do trans-shipment before getting back to Ghana.

“The long process involved in such transportation affects the profit margin of the exporters at the end of the day and the proposed regional shipping line is aimed at addressing this challenge.”

Orya also expressed concern that trade in the West African sub-region is not growing.

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