Post by Trade facilitator on Aug 8, 2013 5:02:17 GMT 1
Shipper’s Council works to end exporters fund repatriation woes
The Nigeria Shippers Council (NSC), through the initiative of its project-Cargo Defence Fund (CDF) has intensified efforts to ensure that Nigerian importers and exports have smooth trade with their foreign counterparts, and reduce unnecessary pitfalls confronting the local market.
One of the challenges is fund repatriation and payment by their foreign counterparts, which the Cargo Defense Fund (CDF) has come to resolve, with its huge experience in international trade.
Azuka Ogo, secretary of the Fund said most exporters’ experience their failure in export business from the contract they sign with their partners.
According to her, most exporters and importers do not bother to do detailed investigation on the partners they wish to do business with. This, she said has often led to them doing business with unstable and dubious business partners.
“I was disturbed that most of our exporters and importers sign export or import contracts that leave them totally exposed to problems. They sign agreements with Chinese firms without having a Chinese version on same contract.
This is crucial, as the partner could claim ignorance of the content of the contract as has always been the case with many exporters. This has been the reason we are collaborating with Maritime Arbitrators to see what we could do to empower exporters with standard contract document to reduce their exposures,” she said.
In her response, Rhodes Doyin, immediate past president, MAAN, said that once an exporter commences his business negotiation poorly, it would certainly end poorly. According to her, most of the exporters have similar experiences following signing non-covering contracts with their overseas partners.
“It was in view of these highlighted challenges that we considered it imperative to join hands with other stakeholders to seek for ways of ameliorating the challenges of these businessmen,” Doyin said.
In another development, the Cargo Defense Fund (CDF) has in conjunction with the Nigerian Export Promotion Council (NEPC) exposed exporters and importers to the benefits of repatriating export proceeds through CDF. This has been a serious challenge facing many Nigerian exporters.
Source: businessdayonline.com/?p=2077
The Nigeria Shippers Council (NSC), through the initiative of its project-Cargo Defence Fund (CDF) has intensified efforts to ensure that Nigerian importers and exports have smooth trade with their foreign counterparts, and reduce unnecessary pitfalls confronting the local market.
One of the challenges is fund repatriation and payment by their foreign counterparts, which the Cargo Defense Fund (CDF) has come to resolve, with its huge experience in international trade.
Azuka Ogo, secretary of the Fund said most exporters’ experience their failure in export business from the contract they sign with their partners.
According to her, most exporters and importers do not bother to do detailed investigation on the partners they wish to do business with. This, she said has often led to them doing business with unstable and dubious business partners.
“I was disturbed that most of our exporters and importers sign export or import contracts that leave them totally exposed to problems. They sign agreements with Chinese firms without having a Chinese version on same contract.
This is crucial, as the partner could claim ignorance of the content of the contract as has always been the case with many exporters. This has been the reason we are collaborating with Maritime Arbitrators to see what we could do to empower exporters with standard contract document to reduce their exposures,” she said.
In her response, Rhodes Doyin, immediate past president, MAAN, said that once an exporter commences his business negotiation poorly, it would certainly end poorly. According to her, most of the exporters have similar experiences following signing non-covering contracts with their overseas partners.
“It was in view of these highlighted challenges that we considered it imperative to join hands with other stakeholders to seek for ways of ameliorating the challenges of these businessmen,” Doyin said.
In another development, the Cargo Defense Fund (CDF) has in conjunction with the Nigerian Export Promotion Council (NEPC) exposed exporters and importers to the benefits of repatriating export proceeds through CDF. This has been a serious challenge facing many Nigerian exporters.
Source: businessdayonline.com/?p=2077
