FCMB: Urgent Intervention Needed to Boost Nigeria’s Non-oil Exports, Say Stakeholders

Samuel Mobolaji

Experts and stakeholders in the non-oil export sector are calling for immediate and decisive actions to transform Nigeria’s non-oil industry into a key driver of economic growth.

This call to action was made during a seminar organized by First City Monument Bank (FCMB) in Lagos, which focused on enhancing non-oil exports, supporting economic diversification, and navigating global market opportunities.

The seminar, the sixth edition of the bank’s non-oil export series titled ‘Refocusing Nigeria’s Economic Development Through Non-Oil Exports,’ was aimed to strengthen the growth of non-oil exports, support the government’s diversification efforts and explore opportunities to help businesses navigate the global market.

In her welcome address, 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 $900 million in export flows and $140 million in remittances.”

Edun also emphasised the importance of leveraging opportunities in the export trade sector, highlighting Nigeria’s strong position as a leading grower of cash crops. “Despite challenges, stakeholders are determined to capitalize on the opportunities presented by the African Continental Free Trade Area, and FCMB is committed to supporting businesses in 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 other stakeholders for their initiatives to boost non-oil exports, ensure forex stability, and support export-oriented companies.

In a keynote address, NEPC CEO, Nonye Ayeni discussed 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.

Comptroller General of the Nigeria Customs Service, Adewale Adeniyi, noted that, the NCS has implemented several initiatives to enhance export trade. Represented by Assistant Comptroller, Olusola Salako, Adeniyi mentioned 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.

“These initiatives, including the digitization of customs clearance processes, align the NCS with global best practices in customs administration,” he said, adding that, non-oil exports are duty- and tax-free in Nigeria, with no associated charges for customs export procedures.

Speaking on “Bridging the Non-Oil Export Financing Gap,” NEXIM’s managing director, Abubakar Bello highlighted the bank’s efforts to promote the Regional Sealink Project, adding that, the initiative aims to enhance trade connectivity by improving maritime logistics using inland waterways for coastal and hinterland trade.

“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. Nigeria has vast potential to grow non-oil exports and diversify its export revenues,” he stressed,

The seminar affirms FCMB’s commitment to fostering inclusive and sustainable growth by building a supportive ecosystem rooted in Africa that connects people, capital, and markets.

FCMB is a leading provider of export trade solutions, offering various services, including financial facilities, pre- and post-shipment financing, project finance, working capital, payment guarantees, market information, supply chain management, and export advisory services.