First City Monument Bank (FCMB), the flagship banking unit of FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, is intensifying its efforts to fortify the country's non-oil sector, positioning it as a key pillar of the nation's economic growth.
At the sixth edition of its seminar titled "Refocusing Nigeria's Economic Development Through Non-Oil Exports," FCMB reiterated its commitment to enhancing non-oil exports. The bank announced it has facilitated over $900 million in export flows and $140 million in remittances as of June 2024, supporting the government's diversification efforts and driving economic growth.
FCMB's managing director pushes for export growthYemisi Edun, FCMB's Managing Director, detailed the bank's efforts to create a conducive operating environment and enhance export infrastructure. "By working together, we can pave the way for the enduring success of Nigeria's export sector," Edun said. She noted Nigeria's strong position as a major grower of cash crops and the potential benefits from the African Continental Free Trade Area (AfCFTA). Edun affirmed FCMB's dedication to supporting businesses in leveraging the opportunities presented by AfCFTA.
In her keynote address, Nonye Ayeni, Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), highlighted the necessity for exporters to scale up production and improve product quality to remain competitive on the global stage. Ayeni introduced the NEPC's 'Export 35 Refined' initiative, which focuses on supporting Nigeria's top 20 agricultural products poised to generate significant revenue. "Nigeria's non-oil export sector holds immense untapped potential," Ayeni stated, expressing optimism about the country's economic prospects.
