Business
FCMB and Stakeholders Urge Action to Boost Nigeria’s Non-Oil Sector
First City Monument Bank (FCMB) and key stakeholders have emphasized the need for transformative measures to strengthen Nigeria’s non-oil sector as a crucial component of the nation’s economic growth. This call was made during a seminar organized by FCMB on August 22, 2024, titled “Refocusing Nigeria’s Economic Development Through Non-Oil Exports.” The event, part of FCMB’s ongoing series to enhance the non-oil export sector, brought together policymakers, financiers, export trade experts, and participants across the value chain.
The seminar underscored FCMB’s commitment to supporting Nigeria’s economic diversification by fostering an inclusive and sustainable ecosystem that links people, capital, and markets across Africa. It also provided a platform for stakeholders to explore new opportunities and strategies for engaging in the global market.
In her welcome address, Yemisi Edun, Managing Director of FCMB, stressed the importance of collaboration in creating a stable operating environment, developing export infrastructure, promoting international trade diplomacy, and securing sustainable funding for the export sector. Edun highlighted FCMB’s role in facilitating over $900 million in export flows and $140 million in remittances as of June 2024, reaffirming the bank’s dedication to advancing Nigeria’s non-oil exports.
“Despite challenges, Nigeria remains a leading producer of cash crops, and the export trade sector offers vast opportunities,” Edun noted. She also pointed out the strategic significance of the African Continental Free Trade Area (AfCFTA) in opening new opportunities for Nigerian businesses, with FCMB ready to provide comprehensive support to help them take advantage of these prospects.
Edun praised the efforts of key institutions, including the Central Bank of Nigeria (CBN), the Nigerian Export Promotion Council (NEPC), the Nigeria Customs Service (NCS), the Nigerian Export-Import Bank (NEXIM), and the Nigeria Port Authority (NPA), for their roles in enhancing non-oil exports, stabilizing foreign exchange, and supporting export-oriented companies.
In her keynote address, NEPC Chief Executive Officer, Nonye Ayeni, emphasized the need for exporters to scale up production and improve product quality to achieve global competitiveness. She introduced the Council’s “Export 35 Refined” initiative, aimed at providing targeted support to the top 20 agricultural products with significant revenue-generating potential for Nigeria. Ayeni expressed optimism about the non-oil export sector’s role in the country’s economic future.
Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, discussed the NCS’s recent efforts to enhance export trade. Represented by Assistant Comptroller Olusola Salako, Adeniyi highlighted the creation of the Lilypond Export Command, a one-stop shop for export cargo facilitation, along with initiatives in capacity building, system automation, process improvements, and international trade partnerships. He noted that non-oil exports in Nigeria are duty- and tax-free, with no charges for customs export procedures.
NEXIM Managing Director Abubakar Bello addressed the financing gap in non-oil exports, presenting the Bank’s initiatives such as the Regional Sealink Project, which aims to improve maritime logistics by using inland waterways for coastal and hinterland trade. Bello called for greater collaboration with business promoters and financiers to identify and fund viable non-oil projects, particularly in manufacturing, agro-processing, solid minerals, and services. “Nigeria has vast potential to expand non-oil exports and diversify its export revenues,” Bello stated.
As a leading provider of export trade solutions, FCMB offers a comprehensive range of services, including financial facilities, pre- and post-shipment financing, project finance, working capital, payment guarantees, market information, supply chain management, and export advisory services. FCMB, a member of FCMB Group Plc, remains committed to fostering inclusive and sustainable growth by building a robust ecosystem that connects people, capital, and markets across Africa.
Business
Shehu Sani Criticizes World Bank Over Nigeria’s Economic Outlook
Former Kaduna Central Senator Shehu Sani has criticized the World Bank for worsening Nigeria’s economic difficulties. In a post shared on X, Sani accused the institution of projecting that Nigeria’s hardship would extend for another 15 years before the country could reach a better economic future. He questioned how many Nigerians would be left to enjoy that future, and how many African nations the World Bank has successfully helped to prosperity.
Sani’s remarks follow the World Bank’s latest *Africa’s Pulse* report, which forecasts that the Nigerian Naira will be among the worst-performing currencies in Sub-Saharan Africa by August 2024. The report placed the Naira’s decline alongside that of the Ethiopian Birr and South Sudanese Pound.
Business
HIG: Building Trust and Driving Innovation in Nigeria’s Insurance Market
Heirs Insurance Group (HIG) recently announced impressive financial results for the 2023 fiscal year, marking significant growth across all key metrics. The Group’s Gross Written Premium (GWP) surged by 59.3%, from N19.9 billion in 2022 to N31.7 billion in 2023. This remarkable performance underscores HIG’s resilience and operational efficiency, further solidifying its position as one of Nigeria’s fastest-growing insurance firms.
Heirs General Insurance (HGI) saw a 77% increase in GWP, reaching N12 billion in 2023. HGI’s profit before tax (PBT) also rose by 203%, reflecting the company’s effective cost management. Similarly, Heirs Life Assurance (HLA) reported a 71% GWP increase and a staggering 395% rise in PBT. Both companies have demonstrated a strong commitment to customer satisfaction, disbursing billions in claims.
Beyond financial success, HIG actively engages in corporate social responsibility (CSR) projects, contributing over N100 million to education, community development, and financial literacy. With plans for future expansion and innovation, HIG is poised to remain a key player in Nigeria’s evolving insurance market.
Business
Wike Urges Nigerians to Pay Taxes for Improved Social Services
Federal Capital Territory (FCT) Minister, Nyesom Wike, has called on Nigerians to fulfill their tax obligations, emphasizing that government revenue is essential for delivering social services. Wike made this appeal during the inaugural Abuja Business and Investment Summit, held in Abuja on Wednesday.
Speaking on the summit’s theme, “Optimising Investment Through Partnerships,” Wike stressed the importance of collaboration to generate investment opportunities. He dismissed the misconception that the government does not need revenue, explaining that taxes are crucial for funding public services.
Wike reiterated that both investors and the government must benefit from such partnerships, ensuring that both parties “go home smiling” through a fair exchange of services and taxes.
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