Stakeholders at the sixth non-oil seminar hosted by First City Monument Bank (FCMB) have urged swift and decisive action to transform Nigeria’s non-oil sector into the primary 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 players to discuss the non-oil sector’s challenges and opportunities.
FCMB’s Managing Director, Yemisi Edun, emphasized the need for collaboration to create a stable operating environment, develop essential export infrastructure, champion international trade diplomacy, and secure sustainable funding. She highlighted FCMB’s support for the sector, having facilitated over $900 million in export flows and $140 million in remittances as of June 2024.
Edun also stressed the importance of leveraging opportunities in the export trade sector, given Nigeria’s position as a leading grower of cash crops. Despite challenges, stakeholders are determined to capitalize on the African Continental Free Trade Area opportunities, with FCMB committed to supporting businesses in this effort.
In her keynote address, Nigerian Export Promotion Council CEO Nonye Ayeni emphasized 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, focusing on supporting top 20 agricultural products with significant revenue potential.
Comptroller General of the Nigeria Customs Service Adewale Adeniyi (represented by Assistant Comptroller Olusola Salako) noted several initiatives to enhance export trade, including the Lilypond Export Command, capacity building, system automation, and partnerships with international trade stakeholders.
Finally, Nigerian Export-Import Bank Managing Director Abubakar Bello discussed efforts to promote the Regional Sealink Project, aiming to enhance trade connectivity by improving maritime logistics. He welcomed collaborations to identify and fund viable non-oil projects, emphasizing Nigeria’s vast potential to grow non-oil exports and diversify its export revenues.
