Urgent and bold actions are required to shift Nigeria’s non-oil sector into the main engine of economic growth, according to a range of experts including policymakers, financiers, export trade specialists, and value chain stakeholders. This call for transformation was highlighted during a seminar organized by First City Monument Bank (FCMB) in Lagos.
The seminar, titled “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” is the sixth edition of FCMB’s non-oil export series. It focused on bolstering the growth of non-oil exports, supporting government diversification efforts, and identifying strategies to help businesses thrive in the global market. The event underscored FCMB’s dedication to promoting inclusive and sustainable economic growth by building a robust ecosystem that connects people, capital, and markets across Africa.
Strengthening Nigeria’s Export Sector
In her opening remarks, Yemisi Edun, Managing Director of FCMB, emphasized the need for a collaborative approach to foster a stable operating environment, enhance export infrastructure, advance international trade diplomacy, and secure sustainable funding. “By working together, we can ensure the long-term success of Nigeria’s export sector. As of June 2024, FCMB has facilitated over $900 million in export flows and $140 million in remittances,” Edun stated.
She also highlighted Nigeria’s strong position in the global market as a major grower of cash crops, noting the significant opportunities available in the export trade sector.
