The Role of Export Credit Agencies in Supporting Trade in Nigeria

The study examined the role of Export Credit Agencies (ECAs) in supporting trade in Nigeria. The study relied, purely on secondary data sources such as published documents and reports, documents from institutions, and scholarly works in order to demonstrate the unique ECA services relevant to exporter as risk takers, providers of finance, and available market informants. The reviewed literature indicated that, the ECA support has become a backbone of trade support for exporters willing to penetrate other markets. In addition, a number of issues hampers the effective application of ECA services such as lack of understanding of the underlying ECA services, excessive red-tape, and general economic decline. The study concluded that, enhancing ECA has the power to transform trade and economic activities which will in turn improve Nigeria’s export competitiveness. Based on the findings, the study suggested enhancing understanding of trade ECA service, simplifying the ECA services application processes, and robust collaboration among participants of the trade development mosaic as remedies to the identified challenges.