Refocusing Nigeria’s Economic Development Through Non-Oil Exports was the theme of the seminar, which provided a forum for policymakers, financiers, specialists in export trade, and participants in the value chain to debate issues pertaining to the non-oil sector of the economy.
The seminar’s objectives, according to a statement released by the bank on Sunday, were to support the government’s efforts to diversify, boost the growth of non-oil exports, and look at ways to assist companies in navigating the international market.
“We can pave the way for the enduring success of Nigeria’s export sector by working together to create a stable operating environment, develop essential export infrastructure, champion international trade diplomacy, and secure sustainable funding,” stated Yemisi Edun, Managing Director of FCMB. By June 2024, FCMB had facilitated $140 million in remittances and over $900 million in export flows.
In addition, Edun emphasized the value of seizing chances in the export trade industry, pointing out Nigeria’s dominant position as a producer of cash crops.
She stated, “FCMB is committed to supporting businesses in this effort. Despite challenges, stakeholders are determined to capitalize on the opportunities presented by the African Continental Free Trade Area.”
Nonye Ayeni, the CEO of the Nigerian Export Promotion Council, stressed in a keynote speech that in order for exporters to become globally competitive, they must increase output and enhance product quality.
She brought up the council’s “Export 35 Refined” program, which aims to give special attention to the top 20 agricultural products with the greatest potential for profit.
Nigeria’s non-oil export sector holds immense potential, according to the country’s economy’s future. The Nigeria Customs Service has implemented initiatives to enhance export trade, including the Lilypond Export Command, capacity building, system automation, and partnerships with international trade stakeholders. Non-oil exports are duty- and tax-free in Nigeria, and the bank is promoting the Regional Sealink Project to improve maritime logistics.
“Nigeria has vast potential to grow non-oil exports and diversify its export revenues,” Bello stated. “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.”
