Group managing director of PanAfrican Capital, Mr. Chris Oshiafi has called for the removal of hindrances that pose a negative threat to export and trade financing in Nigeria, according to This Day Live.
Speaking at the recent 6th Annual West Africa Trade and Export Finance Conference in Lagos, Oshiafi commented that while the government had made headway in ensuring a robust economy, there is still much work needed to be done in order to support Nigeria’s position as a trading partner.
Specifying constraints to export and trade finance, he’d also highlighted the issues surrounding the devaluation of the Naira against the U.S Dollar.
“We have an issue with the devaluation of the naira but that is not peculiar to Nigeria alone, oil is an international commodity. Quite a number of the oil producing countries are seeing a lot of challenges in revenues. Why Nigeria’s case is worrisome is that we have depleting reserves and the current political terrain has not helped in creating that confident to enable our Naira to appreciate. We, however, believe that after the election, we hope to see an improvement and that will also help trade moving forward.”
PanAfrican Capital, who are based in Lagos focus on raising funds and offering advisory services in particular within the aviation, banking, insurance, telecommunications and oil & gas sectors.
Speaking on the company’s performance, Oshiafi stated “We have a couple of partners who are exports credit agencies; we also have a number of development partners both across Africa and some other multinational organizations. In the last couple of years we have done close to $400million in terms of exports trade, and in terms of import on behalf of our clients. So, we provide advisory agencies for most of the companies within these sectors which will require them to always ensure the growth of their businesses”.