First City Monument Bank (FCMB) and key stakeholders have renewed calls for urgent, transformative measures to position Nigeria’s non-oil sector as a cornerstone of the nation’s economic growth. This was the consensus at a recent seminar organised by FCMB on August 22, 2024, which brought together policymakers, financiers, export trade experts, and value chain participants. The seminar, titled “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” was the sixth edition in FCMB’s ongoing series dedicated to bolstering the non-oil export sector.
The event accentuated FCMB’s deep commitment to supporting Nigeria’s economic diversification efforts by creating an inclusive and sustainable ecosystem that connects people, capital, and markets across Africa. It also served as a platform for stakeholders to explore new opportunities and strategies for navigating the global market.
Yemisi Edun, Managing Director of FCMB, delivered the welcome address, emphasizing the need for collaborative efforts to create a stable operating environment, develop critical export infrastructure, champion international trade diplomacy, and secure sustainable funding for the export sector. Highlighting FCMB’s role in facilitating over $900 million in export flows and $140 million in remittances as of June 2024, Edun reiterated the bank’s commitment to driving the success of Nigeria’s non-oil exports.
“Despite the challenges, Nigeria remains a leading grower of cash crops, and the opportunities within the export trade sector are vast,” Edun remarked.
She further noted the strategic importance of the African Continental Free Trade Area (AfCFTA) in unlocking new opportunities for Nigerian businesses, with FCMB positioned to offer comprehensive support to help them seize these opportunities.
Edun also commended 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), in enhancing non-oil exports, stabilizing forex, and supporting export-oriented companies.
In her keynote address, NEPC Chief Executive Officer, Nonye Ayeni, highlighted the critical need for exporters to scale up production and enhance product quality to achieve global competitiveness.
She introduced the Council’s “Export 35 Refined” initiative, which is designed to provide targeted support to the top 20 agricultural products with the potential to generate significant revenue for Nigeria. “Nigeria’s non-oil export sector holds immense untapped potential,” Ayeni said, expressing optimism about the sector’s role in the future of the country’s economy.
Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, discussed the NCS’s recent initiatives aimed at enhancing export trade. Represented by Assistant Comptroller Olusola Salako, Adeniyi detailed the establishment of the Lilypond Export Command, a one-stop shop for facilitating export cargo, along with efforts in capacity building, system automation, process improvements, and international trade partnerships. He emphasized that non-oil exports are duty- and tax-free in Nigeria, with no associated charges for customs export procedures.
On the topic of closing the non-oil export financing gap, NEXIM Managing Director Abubakar Bello presented the Bank’s initiatives, particularly the Regional Sealink Project, which aims to improve maritime logistics by leveraging inland waterways for coastal and hinterland trade. Bello called for increased 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 grow non-oil exports and diversify its export revenues,” Bello stated.
As a leading provider of export trade solutions, FCMB offers a wide 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 dedicated to fostering inclusive and sustainable growth by creating a robust ecosystem that connects people, capital, and markets across Africa.