International trade crucial to Nigeria’s economy, says Oloketuyi

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he Managing Director/Chief Executive Officer, Wema Bank Plc, Mr. Segun Oloketuyi, says international trade remains a major segment of Nigeria’s economy and the indigenous lender will continue to promote its financing.

According to him, Nigeria is ranked the third-largest trading country in Africa and there is need for stakeholders in international trade to collaborate to move the segment to the next level.

Oloketuyi, who spoke at the second ‘Wema Bank Trade and Structured Finance Customer Forum’ in Lagos on Monday, assured participants that the bank would continue to support the growth of international trade in Nigeria.

He said, “International trade remains a major segment of our economy as Nigerians buy and sell goods from all over the word on a daily basis. The latest trade results show that the Nigerian economy is the 3rd largest trading country in the continent.

“A number of policy and regulatory changes in the last one year has significantly changed the trade finance landscape and it is important that we create a forum where all stakeholders meet to discuss and proffer solutions on how to move forward.”

The Wema boss noted that the nation’s oldest indigenous lender had recorded some significant advancements in recent times, having spent the last few years to put in place the building blocks for growth.

He said the recent change in the bank’s brand identity and the upgrade from regional to a national bank were part of the moves to get the lender to serve its customers better.

Oloketuyi told the participants that the bank would continue to make innovations in various segments of its businesses including trade finance.

He said, “You will agree with me that the period since the last conference has been eventful; we have had significant changes in the political, economic and social landscape of the country. Despite the changes, business decisions continue to be made every day, especially within the trade finance landscape.

According to the CEO, the annual trade finance conference was informed by the need to engage with experts in foreign exchange management and trade facilitation in the industry; discuss key regulatory initiatives in forex management and trade flows; and brainstorm on challenges and possible resolutions to forex management issues as a way of increasing trade volumes.

Officials of the Nigeria Customs Service, Central Bank of Nigeria and other stakeholders were in attendance as the programme.

They gave various suggestions on how to improve the international trade sub-sector.