First Bank pledges to drive non-oil export growth in 2025

By InstinctBusiness Feb 17, 2025 0

First Bank of Nigeria (FBN) has announced plans to introduce modern solutions, innovative products, and advanced platforms to drive the growth of Nigeria’s non-oil export sector in 2025.

The bank’s Managing Director, Olusegun Alebiosu, made this disclosure during FBN’s first quarterly export webinar, which aimed to educate stakeholders on emerging opportunities, challenges, and best global practices in the export industry.

The webinar, themed “From Nigeria to the World: Navigating Complexities in Non-Oil Exports,” focused on promoting best practices in Nigeria’s export trade and enhancing economic development.

Speaking at the event, Alebiosu reaffirmed FBN’s commitment to strengthening the non-oil export sector through strategic partnerships and innovative financial products.

“At FirstBank, we recognise the critical role of non-oil exports in diversifying Nigeria’s economy, reducing dependence on oil revenue, and strengthening our global competitiveness. We will update you on our initiatives for the year and introduce modern solutions to drive the sector’s growth in 2025,” he stated.

Also addressing participants, Acting Director of Trade and Exchange at the Central Bank of Nigeria (CBN), William Kanya, reiterated the apex bank’s commitment to supporting non-oil exports. He highlighted ongoing collaborations with commercial banks and regulators to ensure timely payment of export proceeds and appropriate pricing mechanisms.

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Similarly, the Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, underscored Nigeria’s vast export potential, emphasizing the importance of collaboration in unlocking global market access. She provided insights into international market entry strategies, compliance with global standards, and mentorship programs designed to support exporters.

The webinar underscored the growing importance of non-oil exports in Nigeria’s economic diversification agenda, with stakeholders advocating for sustained efforts to enhance trade competitiveness on the global stage.