₦airaland Forum

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.

Contents:
https://tribuneonlineng.com/fcmb-stakeholders-push-to-expand-nigerias-non-oil-export-trade/

Contents:
Yemisi Edun, Managing Director, First City Monument Bank.

Contents:
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.
https://tribuneonlineng.com/fcmb-stakeholders-push-to-expand-nigerias-non-oil-export-trade/

JADEK04:
Nigeria bank don't know how to make money legally....I do export very well..when you give them goods deal. On export of commodities...with good payment term...either u go to them for loan or partnership ...it will take forever for them to answer u...and if they finally answer u.it will take another several months before your loan coming...if u r not careful..d loan will useless and become debt on u..another of their problem...if u find others way round to source your own fund ..it will take them forever to perfect your documents nd to send it to buyers bank for your payment ...this years we pay 27000uad for demourage because buyer didn't get bill of landing from bank in time...last year's. me nd manager of one of this bank fight to the extend of arresting me...they couldn't find my documents again for almost 3 week....Nigeria bank is a joke..one of them is processing a loan for me since 3 month now. a loan of 8m..with inflow of over 200m .....they hold my 2m down for insurance nd 10% down for decades all in d name of loan...