Stakeholders at the sixth non-oil seminar organized by First City Monument Bank (FCMB) have called for urgent and decisive measures to transform Nigeria’s non-oil sector into the primary engine 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.
A statement from FCMB on Sunday highlighted that the seminar aimed to strengthen the growth of non-oil exports, support government diversification efforts, and explore avenues for businesses to succeed in the global market.
Yemisi Edun, Managing Director of FCMB, emphasized the importance of collaboration in creating a stable operating environment, developing essential export infrastructure, and securing sustainable funding. She revealed that as of June 2024, FCMB had facilitated over $900 million in export flows and $140 million in remittances.
In her keynote address, Nonye Ayeni, CEO of the Nigerian Export Promotion Council (NEPC), urged exporters to scale up production and enhance product quality to achieve global competitiveness. She also introduced the council’s ‘Export 35 Refined’ initiative, which focuses on providing special support for the top 20 agricultural products with significant revenue potential.
The Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, represented by Assistant Comptroller Olusola Salako, discussed the NCS’s efforts to enhance export trade through initiatives like the Lilypond Export Command and the digitization of customs processes. Adeniyi assured that non-oil exports remain duty- and tax-free in Nigeria.
Abubakar Bello, Managing Director of the Nigerian Export-Import Bank, highlighted the bank’s promotion of the Regional Sealink Project, which aims to improve trade connectivity and logistics. Bello called for collaborations to identify and fund viable non-oil projects, particularly in manufacturing, agro-processing, solid minerals, and services, emphasizing Nigeria’s vast potential to diversify its export revenues.
