FCMB and Others Aim to Boost Non-Oil Exports.
At the sixth non-oil seminar organized by the First City Monument Bank, stakeholders have urged for immediate and decisive actions to make Nigeria’s non-oil sector the main engine of economic growth.
The seminar, titled “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” provided a platform for policymakers, financial experts, trade specialists, and participants in the value chain to engage in discussions regarding the non-oil sector of the economy.
According to a statement released by the bank on Sunday, the seminar aimed to bolster the growth of non-oil exports, support government diversification efforts, and explore ways to assist businesses in navigating the global market.
Yemisi Edun, the Managing Director of FCMB, stated, “By collaborating to establish a stable operating environment, enhance essential export infrastructure, promote international trade diplomacy, and secure sustainable funding, we can lay the groundwork for the long-term success of Nigeria’s export sector.” As of June 2024, FCMB has facilitated over $900 million in export flows and $140 million in remittances.
Edun also stressed the need to capitalize on opportunities within the export trade sector, highlighting Nigeria’s advantageous position as a leading producer of cash crops.
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“Despite facing challenges, stakeholders remain committed to seizing the opportunities offered by the African Continental Free Trade Area, and FCMB is dedicated to assisting businesses in this endeavor,” she added.
In her keynote address, Nonye Ayeni, the Chief Executive Officer of the Nigerian Export Promotion Council, emphasized the necessity for exporters to enhance production levels and improve product quality to achieve competitiveness on a global scale.
She also highlighted the council’s ‘Export 35 Refined’ initiative, which aims to provide targeted support for the top 20 agricultural products that have significant revenue-generating potential.
