By Chibuike Nwabuko
Abuja (Sundiata Post) – Managing Director of Nigerian Export-Import Bank (NEXIM), Abba Bello observed that the major problem of exporters is the paucity of funds, adding that banks are usually reluctant to finance export transactions particularly at the pre-shipment stage because of the higher risk of default involved.
He disclosed this on Wednesday while briefing newsmen after his interactive meeting with senate committee on Banking, Insurance and other financial institutions headed by Senator Uba Sani.
He assured the committee of all support to ensure that the work of the committee is made easy. Adding that the committee and NEXIM bank have shared and joint responsibility to see to the development of not just the financial system, but also of the Nigerian economy generally” he said.
Bello however praised the Senator Uba Sani led committee and it’s efforts to partner with them to enhance operations of financial institution in Nigeria.