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Emir, FCMB, NEPC raise support for ‘zero-oil’ plan

By Chijioke Nelson   |   01 February 2017   |   2:12 am
FCMB

FCMB

The campaign for improved export business under government’s zero-oil programme has received a boost from the Emir of Kano, Alhaji Muhammed Sanusi II, First City Monument Bank (FCMB), and Nigerian Export Promotion Council (NEPC).

NEPC said the focus of zero-oil plan is to make the world a market place for Nigerian non-oil products, grow non-oil exports from $2.7 billion (2014) to $8 billion in 2019 and eventually $25 billion by 2025.

But at the fourth forum in the series, organised by FCMB, with the theme: “Financial Inclusion for Non-oil Exports Growth”, in Kano State, the Emir urged Nigerians engaged in export trade to move focus beyond primary products to processed ones, as it would add value to their businesses and the country.

“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 export these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialization,” he said.

He expressed gratitude to FCMB 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 forum, organized in collaboration with the NEPC, Central Bank of Nigeria, Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy, was aimed at empowering and enhancing the capacity of the bank’s customers and other stakeholders on the rudiments and benefits of export trade

It also showed how 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.

Executive Director, Business Development of FCMB, Adam Nuru, said the forum is one of the initiatives of the bank that shows how much the lender values its customers.

He said the programme also provides a platform to equally inform the market that the bank is truly on ground to support government, exporters and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue and other benefits in Nigeria in a sustainable manner.

Adam disclosed that FCMB’s export services include pre-shipment and post-shipment financing, processing of payments by way of telegraphic transfer, Internet banking, provision of documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments, among others.

“As an inclusive lender committed to exceptional service delivery, we will continue to champion and support initiatives that will fast-track the growth of the country and by extension our customers’ businesses in line with our values as a simple, helpful and reliable financial institution,” he added.

Also, the Executive Director/Chief Executive Officer of NEPC, Olusegun Awolowo, said that NEPC’s collaboration with 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.

Represented by the Regional Co-ordinator, North-West, Alhaji Abdullahi Mamman, he added that FCMB, through the forum, is helping to build a higher level of engagement with exporters and other stakeholders to promote competitiveness, competence and capacity through innovative and bespoke financial solutions.

He pointed out that the zero-oil plan is a coherent agenda to mobilise public and private sectors’ resources towards replacing oil as the main source of the country’s foreign exchange and revenue.


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