Policymakers, financiers, export trade experts and value chain players insisted on this in Lagos at a non-oil export trade seminar organised by First City Monument Bank (FCMB) on November 1, 2022. Fifth in its series, the Seminar themed “Refocusing Nigeria’s Economic Development Through Non-Oil Exports” aimed to transform the non-oil sector into the primary driver of economic growth.
In her opening remarks, Mrs Yemisi Edun, managing director of FCMB, identified non-oil export as a catalyst for rapid economic growth. She said it would reduce Nigeria’s vulnerability to external shocks undermining the economy. Mrs Edun affirmed FCMB’s commitment to the sector, especially opportunities in the African Continental Free Trade Area.
The bank chief commended the Central Bank and Bankers’ Committee for introducing the Road To $200 billion (RT200) to fast-track the diversification of the economy’s productive base through export. Mrs Edun disclosed that the programme increased foreign exchange inflow significantly by about $600 million in the first half of 2022.
