Nigeria is strengthening its drive to diversify away from oil, and First City Monument Bank (FCMB) is leading the charge. At a recent seminar hosted by the bank, government officials and industry leaders highlighted the untapped potential of non-oil exports, particularly with the added incentive of zero tariffs and customs charges.

Managing Director of FCMB, Yemisi Edun, affirmed the bank’s commitment to this economic shift, revealing that FCMB has already supported over $900 million in export flows this year. The Nigerian government is also stepping up, with the Nigeria Customs Service (NCS) implementing digital reforms and a dedicated export command to streamline trade.

“Non-oil exports are duty- and tax-free in Nigeria, with no associated charges for customs export procedures,” said Adewale Adeniyi, Comptroller General of the NCS, represented by Assistant Comptroller Olusola Salako, Adeniyi at the seminar. This, coupled with initiatives like the Regional Sealink Project aimed at improving trade connectivity, paints a promising picture for Nigerian businesses looking to expand into global markets.

The seminar emphasized the critical need for Nigerian exporters to scale up production and elevate product quality to achieve competitiveness on the international stage. The Nigerian Export Promotion Council (NEPC) CEO Nonye Ayeni highlighted the Council’s “Export 35 Refined” initiative, focusing on providing specialized support for high-potential agricultural products. Ayeni expressed confidence in the potential of Nigeria’s non-oil export sector to drive significant economic growth.

The Nigerian Export-Import Bank (NEXIM) Managing Director Abubakar Bello also spoke at the seminar, highlighting the Bank’s focus on bridging the non-oil export financing gap and fostering trade connectivity through the Regional Sealink Project. He welcomed collaborations to identify and fund viable non-oil projects, particularly in manufacturing, agro-processing, solid minerals, and services.

The overall message from the seminar was clear: Nigeria’s economic future depends on diversifying its exports beyond oil. With FCMB’s financial backing and the government’s proactive policies, the country is well-positioned to unlock substantial growth opportunities in agriculture, manufacturing, and services.

Last updated on September 13th, 2024 at 09:35 pm