At the sixth non-oil seminar organized by First City Monument Bank (FCMB), stakeholders called for decisive and innovative strategies to position Nigeria’s non-oil sector as the cornerstone of the nation’s economic growth.
The seminar, themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” provided a vital platform for policymakers, financial experts, export trade specialists, and key players in the value chain to engage in meaningful discussions about the future of Nigeria’s non-oil economy.
In a statement released on Sunday, FCMB highlighted that the seminar’s primary objectives were to bolster non-oil export growth, support the government’s diversification initiatives, and explore new opportunities for businesses in the global market.
FCMB’s Managing Director, Yemisi Edun, underscored the importance of collaboration in creating a stable operating environment, developing essential export infrastructure, promoting international trade diplomacy, and securing sustainable funding. She pointed out that, as of June 2024, FCMB had facilitated over $900 million in export flows and $140 million in remittances.
Edun also highlighted Nigeria’s strong position as a leading producer of cash crops, emphasizing the potential to leverage opportunities in the export trade sector despite existing challenges. She reaffirmed FCMB’s commitment to helping businesses capitalize on the opportunities presented by the African Continental Free Trade Area (AfCFTA).
In her keynote address, Nonye Ayeni, Chief Executive Officer of the Nigerian Export Promotion Council, stressed the need for Nigerian exporters to scale up production and enhance product quality to achieve global competitiveness. She introduced the council’s ‘Export 35 Refined’ initiative, which focuses on providing special support for the top 20 agricultural products with significant revenue-generating potential. Ayeni expressed confidence in the untapped potential of Nigeria’s non-oil export sector and its future contribution to the economy.
Adewale Adeniyi, Comptroller General of the Nigeria Customs Service (NCS), also spoke at the event, noting that the NCS had implemented several initiatives to boost export trade. Represented by Assistant Comptroller Olusola Salako, Adeniyi mentioned the establishment of the Lilypond Export Command as a one-stop facility for export cargo, capacity building, system automation, process improvements, and partnerships with international trade stakeholders. He also highlighted the duty- and tax-free nature of non-oil exports in Nigeria, with no charges for customs export procedures.
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Addressing the theme “Bridging the Non-Oil Export Financing Gap,” Abubakar Bello, Managing Director of the Nigerian Export-Import Bank, discussed the bank’s role in promoting the Regional Sealink Project. This initiative aims to enhance trade connectivity through improved maritime logistics, utilizing inland waterways for coastal and hinterland trade. Bello emphasized the importance of collaborations between business promoters and financiers to identify and fund viable non-oil projects, particularly in manufacturing, agro-processing, solid minerals, and services. He expressed optimism about Nigeria’s vast potential to grow non-oil exports and diversify its export revenues.
