The newly elected President of Association of Corporate Treasurers of Nigeria , Mr. Yinka Ogunnubi, has declared that operators in the Nigerian real sector are finding it difficult to obtain trade finance from Nigerian banks to import inventories and raw materials.
He also said that he would devote his tenure as the president of the ACTN to increase the visibility of the association and create avenues for dialogue between members of the ACTN and some regulatory agencies like the Central Bank of Nigeria in order to provide feedback to the government on the impacts of its policies on the real sector.
“The downgrading of Nigeria’s risk rating has made it difficult for Nigerian banks to maintain their trade finance lines. So, it is becoming difficult to get trade finance from banks to be able to maintain our inventories. So, it is a challenge and we need government to solve the policy problems like the issue of the multiple FX rates so that it will be easy for us to get trade finance. It is something that needs to be resolved.