At the sixth non-oil seminar organized by First City Monument Bank (FCMB), stakeholders emphasized the need for decisive actions to elevate Nigeria’s non-oil sector as a key driver of economic growth. The seminar, themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” brought together policymakers, financiers, export trade experts, and value chain participants to address challenges and opportunities in the non-oil sector.
FCMB Managing Director Yemisi Edun highlighted the bank’s role in advancing export trade, noting that FCMB facilitated over $900 million in export flows and $140 million in remittances as of June 2024. Edun stressed the importance of creating a stable operating environment, developing export infrastructure, and securing sustainable funding to support Nigeria’s export sector.
Nonye Ayeni, CEO of the Nigerian Export Promotion Council, called for increased production and improved product quality among exporters. She introduced the ‘Export 35 Refined’ initiative, which aims to support the top 20 agricultural products with significant revenue potential.
The Comptroller General of the Nigeria Customs Service (NCS), Adewale Adeniyi, represented by Assistant Comptroller Olusola Salako, discussed new NCS initiatives, including the creation of the Lilypond Export Command. This command serves as a one-stop shop for export facilitation, with a focus on system automation and process improvements to align with global best practices.
Abubakar Bello, Managing Director of Nigerian Export-Import Bank (NEXIM), spoke about bridging the non-oil export financing gap through initiatives like the Regional Sealink Project. This project aims to enhance maritime logistics and connectivity using inland waterways.
The seminar underscored Nigeria’s potential to diversify its export revenues and strengthen its position in the global market.
News Editor