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Nigeria is at a crucial juncture, and its economy relies heavily on the volatile oil market. The need for diversification is urgent, and the First City Monument Bank (FCMB) Non-Oil Export Seminar, held on 22 August 2024, highlighted this imperative.

The seminar, themed “Refocusing Nigeria’s Economic Development through Non-Oil Export,” emphasized the immense potential within Nigeria’s non-oil sectors, such as agriculture, solid minerals, manufacturing, and services.

The keynote speaker, Nonye Ayeni, MD/CEO of the Nigeria Export Promotion Council (NEPC), underscored the urgency of diversifying Nigeria’s revenue base. She stressed leveraging the country’s vast agricultural resources, solid minerals, and creative industries to reduce dependence on oil exports, thus building a more resilient economy capable of withstanding global economic shocks.

FCMB’s Managing Director, Yemisi Edun, echoed this sentiment, stating that collaboration to create a stable operating environment, develop export infrastructure, promote trade diplomacy, and secure sustainable funding is critical to the success of Nigeria’s export sector. FCMB’s outstanding facilitation of over $900 million in export flows and $140 million in remittances as of June 2024 further highlights the bank’s commitment to this cause.

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