This study examines the effect of external credit on the export decision of manufacturing firms in Nigeria using the 2014 World Bank Enterprise Surveys data. The paper employs an instrumental variable (IV) probit model to assess the empirical relations. The results reveal that both bank and nonbank credit positively and significantly drive firms' foreign market entry decision in Nigeria. Policy interventions should therefore be directed at creating an enabling environment that would stimulate an increase in the breadth and depth of financial presence across Nigeria. This may be done through offering special tax reliefs to banks and nonbank financial institutions that seek to expand. Banks should also be encouraged to invest in innovative strategies such as branchless banking and mobile banking which have the capability to increase access without the huge cost outlays for physical infrastructure. They should further be encouraged to develop special ‘export credit packages’ for smaller but viable firms that are willing to go into exporting but lack the necessary collateral, and create special ‘task forces’ to monitor and redeem such loans when they fall due. The Government should also channel ‘export development credit’ through banks and nonbank financial institutions to manufacturing firms in Nigeria for efficient allocation, monitoring and collection.

中文翻译：

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外部信贷和出口决策：来自尼日利亚的证据

这项研究使用2014年世界银行企业调查数据研究了外部信贷对尼日利亚制造企业的出口决策的影响。本文采用工具变量（IV）概率模型来评估经验关系。结果表明，银行和非银行信贷都对尼日利亚的公司进入国外市场作出了积极的决定。因此，应采取政策干预措施，以创造一个有利的环境，从而刺激整个尼日利亚金融机构的广度和深度增加。这可以通过为寻求扩张的银行和非银行金融机构提供特殊的税收减免来实现。还应鼓励银行投资于创新战略，例如无网点银行和移动银行，这些战略具有增加访问的能力，而无需为物理基础设施支付巨额费用。应当进一步鼓励它们为愿意出口但又缺乏必要抵押的较小但可行的公司制定特殊的“出口信贷方案”，并设立特殊的“任务组”以监督和赎回到期的此类贷款。政府还应通过银行和非银行金融机构向尼日利亚的制造公司提供“出口发展信贷”，以进行有效的分配，监控和收集。应当进一步鼓励它们为愿意出口但又缺乏必要抵押的较小但可行的公司制定特殊的“出口信贷方案”，并设立特殊的“任务组”以监督和赎回到期的此类贷款。政府还应通过银行和非银行金融机构向尼日利亚的制造公司提供“出口发展信贷”，以进行有效的分配，监控和收集。应当进一步鼓励它们为愿意出口但又缺乏必要抵押的较小但可行的公司制定特殊的“出口信贷方案”，并设立特殊的“任务组”以监督和赎回到期的此类贷款。政府还应通过银行和非银行金融机构向尼日利亚的制造公司提供“出口发展信贷”，以进行有效的分配，监控和收集。