Nigeria: Wema Bank convenes forum focusing on international trade

By InstinctBusiness Feb 27, 20240

Wema Bank recently hosted its inaugural Importer-Exporter Forum in Lagos, aimed at tackling challenges hindering international trade in Nigeria and offering customized solutions to streamline cross-border business operations.

The forum themed ‘Building a Symbiotic Trade Ecosystem for Effective Trade Decisions’, was a gathering of importers, exporters, aspiring international traders and relevant regulatory bodies.

Nigeria’s total foreign trade surged to N18.80 trillion, according to the Q3 2023 Foreign Trade in Goods Statistics report by the National Bureau of Statistics.

Exports were valued at N10.35tn while total imports stood at N8.46tn.

Additionally, the event marked the debut of the Wema Export Trade Academy, a virtual educational platform designed to empower aspiring international trade professionals for success.

Wema Bank’s Managing Director, Moruf Oseni, highlighted the bank’s dedication to providing cutting-edge solutions for businesses, adding that the end goal was to create a new generation of trade champions, who would propel Nigeria to the forefront of the global trade marketplace.

“We have a wealth of natural resources and a burgeoning entrepreneurial spirit, what we need are the right tools, knowledge and partnerships to translate this potential into tangible trade success stories. This forum, coupled with our Wema Africa Trade Academy, is our own way of providing tools for entrepreneurs in the International Trade sector,” he said.

Dr. Mahmud Hassan, Director of the Trade and Exchange Department at the Central Bank of Nigeria, shed light on the CBN’s role in international trade and addressing monetary challenges. He emphasized the interdependence between fiscal and monetary authorities in ensuring effective trade management in Nigeria, highlighting the necessity for synergy between both sectors.

“The CBN draws its power on trade oversight from the core mandates of the CBN such as price stability and the maintenance of the country’s external reserve to safeguard the international value of the naira. We are hopeful that these trade discussions will generate policy options that can improve foreign exchange earnings,” he noted.