3T Impex Trade Academy, a trade consulting firm, on Saturday, identified critical skill gaps within Nigeria’s banking sector that were hindering the country’s export trade volume and economic progress.
These skill gaps were identified in the academy’s 2024 survey, titled, “Nigerian Trade Finance Skill Gap Assessment Survey”, which was unveiled in Lagos.
Dr Bamidele Ayemibo, Lead Consultant, 3T Impex Consulting Ltd., during the presentation of the survey, shared insights gathered from 716 banking professionals across 21 banks nationwide.
“This landmark survey has laid bare the existing skill gaps and challenges faced by professionals in the trade finance domain within the Nigerian banking industry,” he said.
Key findings from the survey highlighted significant challenges, including training deficits among 50 per cent of bankers, with only 12 per cent possessing trade certifications in trade services units.
Also, 38 per cent of bankers identified knowledge gaps as a major obstacle in managing international trade operations and financing, while 65 per cent demonstrated experience and knowledge gaps.
Ayemibo emphasised the impact of these skill gaps on banks and Nigeria’s overall trade volume, stressing the urgent need for targeted interventions to address these challenges.
He said that the lack of expertise affected banks and impacted Nigeria’s overall trade volume, which was lagging behind other developing countries with similar or even smaller populations like South Africa.
“The repercussions of this knowledge gap are manifold. Banks, which are pivotal in facilitating international trade transactions, face heightened financial risks due to inadequate understanding of payment methods, trade finance, and risk management”.
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