‘Nigeria needs urgent, bold actions to improve non-oil export trade’

Urgent and bold actions are needed to alteration Nigeria’s non-oil assemblage into the superior operator of economical growth, policymakers, financiers, export commercialized experts and worth concatenation players who gathered for a seminar connected non-oil export organised by First City Monument Bank (FCMB) successful Lagos past week said.

The seminar, the sixth variation of the bank’s non-oil export bid titled ‘Refocusing Nigeria’s Economic Development Through Non-oil Exports’, aimed to fortify the maturation of non-oil exports, enactment the government’s diversification efforts and research opportunities to assistance businesses navigate the planetary market.

The seminar affirms FCMB’s committedness to fostering inclusive and sustainable maturation by gathering a supportive ecosystem rooted successful Africa that connects people, superior and markets.

Managing Director of FCMB, Yemisi Edin, said: “By moving unneurotic to make a unchangeable operating environment, make indispensable export infrastructure, champion planetary commercialized diplomacy, and unafraid sustainable funding, we tin pave the mode for the enduring occurrence of Nigeria’s export sector. As of June 2024, FCMB facilitated implicit $900 cardinal successful export flows and $140 cardinal successful remittances.”

Edun besides emphasised the value of leveraging opportunities successful the export commercialized sector, noting Nigeria’s beardown presumption arsenic a starring grower of currency crops.

“Despite challenges, stakeholders are determined to capitalize connected the opportunities presented by the African Continental Free Trade Area, and FCMB is committed to supporting businesses successful this effort,” she said.

Edun commended the Central Bank of Nigeria (CBN), the Nigerian Export Promotion Council (NEPC), the Nigeria Customs Service (NCS), the Nigerian Export-Import Bank (NEXIM), the Nigeria Port Authority (NPA) and different stakeholders for their initiatives to boost non-oil exports, guarantee forex stability, and enactment export-oriented companies.

In a keynote address, NEPC CEO Nonye Ayeni discussed the request for exporters to standard up accumulation and amended merchandise prime to execute planetary competitiveness. She highlighted the Council’s “Export 35 Refined” initiative, which focuses connected providing peculiar enactment for the apical 20 cultivation products that person the imaginable to make important revenue.

“Nigeria’s non-oil export assemblage holds immense untapped potential,” Ayeni said, expressing optimism astir the aboriginal of the country’s economy.

Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, noted that the NCS has implemented respective initiatives to heighten export trade. Represented by Assistant Comptroller Olusola Salako, Adeniyi mentioned the instauration of the Lilypond Export Command arsenic a one-stop store for facilitating export cargo, capableness building, strategy automation, process improvements, and partnerships with planetary commercialized stakeholders.

“These initiatives, including the digitization of customs clearance processes, align the NCS with planetary champion practices successful customs administration,” helium said, adding that non-oil exports are duty- and tax-free successful Nigeria, with nary associated charges for customs export procedures.

Speaking connected “Bridging the Non-Oil Export Financing Gap,” NEXIM Managing Director Abubakar Bello highlighted the Bank’s efforts to beforehand the Regional Sealink Project. This inaugural aims to heighten commercialized connectivity by improving maritime logistics utilizing inland waterways for coastal and hinterland trade.

“We invited collaborations with concern promoters and financiers to place and money viable non-oil projects, peculiarly successful manufacturing, agro-processing, coagulated minerals, and services,” Bello said. “Nigeria has immense imaginable to turn non-oil exports and diversify its export revenues.”

FCMB is simply a starring supplier of export commercialized solutions, offering assorted services, including fiscal facilities, pre- and post-shipment financing, task finance, moving capital, outgo guarantees, marketplace information, proviso concatenation management, and export advisory services.

FCMB is simply a subordinate of FCMB Group Plc and is dedicated to fostering inclusive and sustainable maturation by gathering a supportive ecosystem rooted successful Africa that connects people, superior and markets.