FCMB Seminar: Nigerian Economic Growth Needs Look Beyond Oil to Sustain

Nigeria’s economic future hinges on a shift away from its heavy reliance on oil, experts and policymakers declared at a recent First City Monument Bank (FCMB) seminar. The urgent need to diversify and bolster non-oil exports dominated discussions, with stakeholders emphasizing the vast potential in agro-processing, manufacturing, solid minerals and services.
Managing Director of FCMB, Yemisi Edun, stressed the collaborative effort required to achieve this transformation. “By working together to create a stable operating environment, develop essential export infrastructure, and secure sustainable funding, we can pave the way for the enduring success of Nigeria’s export sector,” Edun stated, highlighting the bank’s significant role in facilitating export flows and remittances. Keynote speaker at the seminar, Nonye Ayeni, CEO of the Nigerian Export Promotion Council (NEPC), highlighted the imperative for exporters to scale up production and enhance product quality to compete globally. She pointed to the Council’s “Export 35 Refined” initiative, which boosted revenue through support for top agricultural products. Government officials, including Adewale Adeniyi, Comptroller General of the Nigeria Customs Service, outlined steps to facilitate export trade, such as creating a one-stop export command and digitising customs clearance processes. Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), highlighted initiatives to bridge the financing gap and promote trade connectivity. FCMB, a leading provider of export trade solutions, reaffirmed its commitment to supporting businesses in navigating the global market. With a focus on building a supportive ecosystem, the bank offers various services, including financial facilities, advisory services, and market information. The seminar painted a picture of Nigeria, ready to embrace a new economic narrative. The country can chart a path towards a more resilient, diversified, and prosperous future by tapping into its vast resources and fostering innovation across non-oil sectors.

Source: legit.ng

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