FCMB Stakeholders Call For Transformation Of Nigeria’s Non-Oil Sector
Stakeholders at the sixth non-oil seminar organised by the First City Monument Bank have called for urgent and bold actions to transform Nigeria’s non-oil sector into the primary driver of economic growth.
The seminar, which was themed, ‘Refocusing Nigeria’s Economic Development Through Non-Oil Exports’, offered a platform for policymakers, financiers, export trade experts, and value chain players to discuss issues about the non-oil sector of the economy.
A statement from the bank on Sunday said that the seminar was aimed at strengthening the growth of non-oil exports, supporting the government’s diversification efforts and exploring opportunities to help businesses navigate the global market.
The Managing Director of FCMB, Yemisi Edun, said, “By working together to create a stable operating environment, develop essential export infrastructure, champion international trade diplomacy, and secure sustainable funding, we can pave the way for the enduring success of Nigeria’s export sector. As of June 2024, FCMB facilitated over $900m in export flows and $140m in remittances.”
Edun also emphasised the importance of leveraging opportunities in the export trade sector, noting Nigeria’s strong position as a leading grower of cash crops.
“Despite challenges, stakeholders are determined to capitalize on the opportunities presented by the African Continental Free Trade Area, and FCMB is committed to supporting businesses in this effort,” she said.
In a keynote address, the Chief Executive Officer of the Nigerian Export Promotion Council, Nonye Ayeni, stated the need for exporters to scale up production and improve product quality to achieve global competitiveness.
She highlighted the council’s ‘Export 35 Refined’ initiative, which focuses on providing special support for the top 20 agricultural products that have the potential to generate significant revenue.
“Nigeria’s non-oil export sector holds immense untapped potential,” Ayeni said, expressing optimism about the future of the country’s economy.
The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, noted that the NCS had implemented several initiatives to enhance export trade.
Represented by Assistant Comptroller, Olusola Salako, Adeniyi mentioned the creation of the Lilypond Export Command as a one-stop shop for facilitating export cargo, capacity building, system automation, process improvements, and partnerships with international trade stakeholders.
“These initiatives, including the digitization of customs clearance processes, align the NCS with global best practices in customs administration,” he said.
He added that non-oil exports were duty- and tax-free in Nigeria, with no associated charges for customs export procedures.
Speaking on ‘Bridging the Non-Oil Export Financing Gap’, the Managing Director of Nigerian Export-Import Bank, Abubakar Bello, highlighted the bank’s efforts to promote the Regional Sealink Project, which initiative aims to enhance trade connectivity by improving maritime logistics using inland waterways for coastal and hinterland trade.
“We welcome collaborations 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 grow non-oil exports and diversify its export revenues,” Bello said.
