FCMB Partners CBN, Others on Export Trade

NEPC
  • FCMB Partners CBN, Others on Export Trade

First City Monument Bank Limited says it has partnered the Central Bank of Nigeria and the Nigerian Export Promotion Council as well as the Nigerian Export-Import Bank to boost export trade as the country steps up efforts to diversify the economy.

In a statement on Thursday, the lender said the partnership which included the Nigeria Customs Service and 3T Impex Trade Academy, was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade.

The bank said it had held several programmes to prepare its customers for effective export trade.

The Emir of Kano, Alhaji Muhammed Sanusi II, who attended the fourth edition of the lender’s customer forum on export trade held in Kano, was quoted to have lauded the initiative, saying it would go a long way in assisting the growth of companies.

The forum was themed, “Financial inclusion for non-oil exports growth.”

Sanusi, a former CBN governor, urged Nigerians who are engaged in export trade to move beyond primary products by focusing on the exportation of processed products.

“We must realise that the era of Nigeria exporting raw agricultural and other primary products is gone. For us to achieve the required mileage and benefits in international trade, we must redirect our efforts on processing finished products and exporting these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialisation”.

He expressed gratitude to the bank for organising the forum in Kano, while urging exporters in the state to take advantage of the opportunity to take their businesses to the next level.

The Chief Executive Officer, NEPC, Mr. Segun Awolowo, said the programme would enhance plans by the Federal Government to diversify the economy through the Zero-Oil Strategy.

Awolowo, who was represented by the Regional Co-ordinator, North-West, NEPC, Alhaji Abdullahi Mamman, said, “The NEPC’s collaboration with the FCMB will play an important role in delivering the Zero-Oil Plan strategy and making the non-oil export sector a significant contributor to foreign exchange earnings.”

“The focus is to make the world a market place for Nigerian non-oil products. We want to grow non-oil exports from $2.7bn in 2014 to $8bn in 2019 and eventually $25bn by 2025.”

The Executive Director, Business Development, FCMB, Mr. Adam Nuru, said the forum was one of the initiatives the bank was using to support its customers and take their businesses to the next level.

Nuru said, “The customer forum was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade and how the FCMB could provide support, such as direct export financing, refinancing and rediscounting of sales contracts/invoice (pre-shipment and post-shipment financing) for agro commodities, solid minerals and other non-oil resources.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "FCMB Partners CBN, Others on Export Trade"

Leave a comment

Your email address will not be published.


*