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.
