Stakeholders at the sixth non-oil seminar organised by the First City Monument Bank have called for urgent and decisive actions to transform Nigeria’s non-oil sector into the main engine of economic growth.
The seminar, themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” gathered policymakers, financiers, export trade experts, and industry players to address key challenges and opportunities in the sector.
In a statement released on Sunday, FCMB emphasized that the seminar aimed to bolster the growth of non-oil exports, support the government’s economic diversification efforts, and explore strategies for businesses to compete effectively in the global market, according to The Punch.
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 capitalize on the opportunities presented by the African Continental Free Trade Area, and FCMB is committed to supporting businesses in this effort,” she stated.
In a keynote address, the Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, stressed the importance of scaling up production and improving product quality for Nigerian exporters. Ayeni emphasized that achieving global competitiveness is crucial for the non-oil sector to become a primary driver of the country’s economic growth.
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 pointed out that the NCS has carried out a number of projects to improve 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.
He further said that non-oil exports from Nigeria were duty- and tax-free, and there were no additional costs for export customs procedures.
