FCMB collaborates with stakeholders to boost Nigeria’s non-oil sector

First City Monument Bank (FCMB) and key stakeholders have called for urgent and transformative growth in Nigeria’s non-oil sector, to position it as a cornerstone of the nation’s economic development.

The sixth non-oil seminar organized by FCMB, was titled, “Refocusing Nigeria’s Economic Development Through Non-Oil Exports.” The seminar brought together policymakers, financiers, export trade experts, and value chain participants to explore strategies to bolster the non-oil export sector.

The Managing Director of FCMB, Yemisi Edun, emphasized the need for collaborative efforts to create a stable operating environment, develop critical export infrastructure, champion international trade diplomacy, and secure sustainable funding for the export sector.

“Despite the challenges, Nigeria remains a leading grower of cash crops, and the opportunities within the export trade sector are vast,” Edun remarked.

She reiterated FCMB’s commitment to driving the success of Nigeria’s non-oil exports while highlighting the bank’s role in facilitating over $900 million in export flows and $140 million in remittances as of June 2024.

Nigerian Export Promotion Council’s CEO, Nonye Ayeni, in her keynote address, stressed the importance of scaling up production and enhancing product quality to achieve global competitiveness.

She introduced the “Export 35 Refined” initiative, designed to provide targeted support to top agricultural products with significant revenue potential.

Nigeria Customs Service’s Comptroller General, Adewale Adeniyi, discussed initiatives aimed at enhancing export trade, including the Lilypond Export Command and digitization of customs clearance processes.

Nigerian Export-Import Bank’s Managing Director, Abubakar Bello, presented initiatives to bridge the non-oil export financing gap, including the Regional Sealink Project, which aims to improve maritime logistics and trade connectivity.

Overall, the seminar highlighted Nigeria’s non-oil export sector’s potential and the need for transformative measures to drive growth and diversification.

It also accentuated FCMB’s dedication to supporting Nigeria’s economic diversification efforts by creating a robust ecosystem that connects people, capital, and markets across Africa.