WATCH THE VIDEO HERE A trade expert who serves as the Treasurer of the Oyo State Shippers Association, Mrs. Aminat Animashaun, has identified high interest rates on loans and poor infrastructure as key barriers hindering the export of Nigerian-made goods. In an interview with the News Agency of Nigeria (NAN) in Ibadan on Saturday, Animashaun lamented that entrepreneurs seeking to export locally produced goods are struggling due to expensive credit facilities. She called on the government to introduce single-digit interest-rate loans to encourage more production for export. “If the government can reduce the high interest rates, it will lower the overall cost of locally made goods. “This will make Nigerian products competitive in terms of pricing, ensuring that imported goods are not cheaper while maintaining or even exceeding their quality,” she said. Beyond financial challenges, Animashaun, who is also the Chief Executive Officer of De’rayo Vocational Limited, pointed out that unreliable electricity supply, poor road networks, and high logistics costs further stifle the growth of Nigerian exports. “By addressing these challenges, the government can create a more conducive environment for exporters, enabling us to compete globally and contribute to Nigeria’s economic growth,” Animashaun emphasized. Nigeria’s manufacturing sector performs poorly compared to some other sectors. Its contribution to exports is low; its average annual growth rate is weak; and its contribution to the GDP is low. The Manufacturers Association of Nigeria says the sector’s growth is also concentrated in a few sub-sectors, and economic instability and currency volatility have negatively impacted profit margins and export revenues.
High interest rates, poor infrastructure hindering exports of Nigerian-made goods – Expert
