Would you like to receive notifications on latest updates of the following headlines?

FCMB, Others Plan to Boost Non-oil Exports

POSTED ON August 26, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
First City Monument Bank l Credit: @MyFCMB l Source: X

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. 

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 capitalise 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, including 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.

The Managing Director of Nigerian Export-Import Bank, Abubakar Bello, highlighted the bank's efforts to promote the Regional Sealink Project, which aimed to enhance trade connectivity by improving maritime logistics using inland waterways for coastal and hinterland trade, and welcomed collaborations with business promoters and financiers to identify and fund viable non-oil projects, particularly in manufacturing, agro-processing, solid minerals, and services.

READ ALSO
FG Urges Project Accountants to Prioritize Integrity in Fund Management
BY Abiodun Saheed Omodara July 25, 2025 0

The Federal Government has cautioned project accountants and financial officers to prioritize care a...

READ ALSO
Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 24, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...

READ ALSO
CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...

READ ALSO
Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...

READ ALSO
CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 21, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...

READ ALSO
Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 21, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....

READ ALSO
Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 21, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...

READ ALSO
Naira Weakens 0.14% Despite Initial Gains, Closing at 1,532.34/$
BY Abiodun Saheed Omodara July 21, 2025 0

The naira ended the past week weaker than the week before, depreciating by 0.14% week-on-week to rea...

OUR CHANNELS:

Portable, VeryDarkMan Publicly Clash over Mohbad and Other Issues
BY Abiodun Saheed Omodara July 27, 2025 0

Nigerian singer Habeeb Okikiola, widely known as Portable, has intensified his feud with social medi...


Twelve die in Thailand-Cambodia clashes
BY Abiodun Saheed Omodara July 27, 2025 0

Fighting between Thai and Cambodian forces along their contested border has led to at least 12 fatal...


Reps Seek to Create Independent Body to Track Federal Projects
BY Abiodun Saheed Omodara July 25, 2025 0

The House of Representatives is set to hold a public hearing to gather feedback from stakeholders re...


NYSC Urges Employers to Implement Attendance Registers for Corps Members
BY Abiodun Saheed Omodara July 25, 2025 0

The National Youth Service Corps (NYSC), on Thursday, urged employers of corps members to establish...


PDP Shifts National Convention to November, Picks Ibadan Amid Internal Power Struggle
BY Abiodun Saheed Omodara July 25, 2025 0

Abuja, Nigeria  – The People’s Democratic Party (PDP) has announced the postpo...


APC Appoints Yilwatda Nentawe as Chairman, Declares 2027 a ‘Done Deal
BY Abiodun Saheed Omodara July 25, 2025 0

Abuja, Nigeria – The National Executive Committee (NEC) of the All Progressives Congress (APC)...


Osun APC, PDP Clash Over Governor Adeleke's Failed Defection Attempt
BY Abiodun Saheed Omodara July 25, 2025 0

The Osun State branches of the All Progressives Congress (APC) and the People’s Democratic Par...


Court Reinstates Benue CJ, Criticizes Alia
BY Abiodun Saheed Omodara July 25, 2025 0

The National Industrial Court in Abuja, on Wednesday, ruled that the Benue State House of Assembly's...


LASG Announces Five Major Road Projects in Alimosho to Be Completed by 2025
BY Abiodun Saheed Omodara July 25, 2025 0

The Lagos State Government has revealed that five significant road projects in the Alimosho Local Go...


Electricity Tariffs: Power Firms Push Back Against State Negotiations
BY Abiodun Saheed Omodara July 25, 2025 0

On Wednesday, energy commissioners from all 36 states announced their willingness to engage with pow...


More Articles

Load more...

Menu