Nigeria is at an important juncture, and its financial system depends closely on the unstable oil market. The necessity for diversification is pressing, and the First Metropolis Monument Financial institution (FCMB) Non-Oil Export Seminar, held on 22 August 2024, highlighted this crucial.
The seminar, themed “Refocusing Nigeria’s Financial Growth by means of Non-Oil Export,” emphasised the immense potential inside Nigeria’s non-oil sectors, akin to agriculture, strong minerals, manufacturing, and companies.
The keynote speaker, Nonye Ayeni, MD/CEO of the Nigeria Export Promotion Council (NEPC), underscored the urgency of diversifying Nigeria’s income base. She careworn leveraging the nation’s huge agricultural assets, strong minerals, and artistic industries to scale back dependence on oil exports, thus constructing a extra resilient financial system able to withstanding world financial shocks.
FCMB’s Managing Director, Yemisi Edun, echoed this sentiment, stating that collaboration to create a secure working setting, develop export infrastructure, promote commerce diplomacy, and safe sustainable funding is vital to the success of Nigeria’s export sector. FCMB’s excellent facilitation of over $900 million in export flows and $140 million in remittances as of June 2024 additional highlights the financial institution’s dedication to this trigger.
The seminar additionally showcased the proactive roles of assorted stakeholders. The Nigeria Customs Service (NCS) shared its initiatives to reinforce export commerce, together with creating the Lilypond Export Command, course of automation, and capability constructing. The Nigeria Export-Import Financial institution (NEXIM) emphasised its efforts to bridge the non-oil export financing hole and promote commerce connectivity by means of the Regional Sealink Mission.
Adewale Adeniyi, Comptroller Common of the Nigeria Customs Service, famous that the NCS has carried out a number of initiatives to reinforce export commerce. Represented by Assistant Comptroller Olusola Salako, Adeniyi talked about the creation of the Lilypond Export Command as a one-stop store for facilitating export cargo, capability constructing, system automation, course of enhancements, and partnerships with worldwide commerce stakeholders.
“These initiatives, together with the digitization of customs clearance processes, align the NCS with world greatest practices in customs administration,” he stated, including that non-oil exports are duty- and tax-free in Nigeria, with no related costs for customs export procedures.
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Talking on “Bridging the Non-Oil Export Financing Hole,” NEXIM Managing Director Abubakar Bello highlighted the Financial institution’s efforts to advertise the Regional Sealink Mission. This initiative goals to reinforce commerce connectivity by bettering maritime logistics utilizing inland waterways for coastal and hinterland commerce.“We welcome collaborations with enterprise promoters and financiers to establish and fund viable non-oil initiatives, notably in manufacturing, agro-processing, strong minerals, and companies,” Bello stated. “Nigeria has huge potential to develop non-oil exports and diversify its export revenues.”
The seminar strengthened the idea that Nigeria’s financial future lies in diversification. Nigeria can unlock its full potential by investing in human capital, bettering entry to finance for small companies, and making a supportive regulatory setting. FCMB stands able to accomplice with corporations on this journey, providing monetary instruments, recommendation, and market insights to assist them compete globally.
The trail in the direction of a diversified and resilient Nigerian financial system is obvious. It’s time to act, faucet into the nation’s huge assets, foster innovation, and safe a affluent future for all residents.
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