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  • Business - Banking & Finance
  • Updated: 1 month ago

First Bank To Increase Non-Oil Export Contribution To GDP

In her drive to diversify her current investment portfolio, First Bank of Nigeria Ltd, the foremost financial institution in Nigeria and the entire West African region, has announced plans to explore opportunities in the non-oil export sector.

 

The foremost financial giant after careful and diligent study decided to invest in a basket of the non-oil export sectors in order to increase her revenue base.

The bank has seen this as a long-overdue move to help increase the non-oil export sector’s contribution to the nation’s GDP.

The bank believes that it is inevitable for the government to concentrate effort on increasing the non-oil sector contribution to the GDP of the nation. This assertion was taken after careful evaluation of the huge global shift from oil as a revenue base.  

According to a report from newsverge.com, a statement was issued by the Bank’s Group Head, Marketing/Corporate Communications, Folake Ani-Mumuney.

Ani-Mumuney said the bank had concluded plans to hold its non-oil export webinar series to discuss extensively and come up with key actionable resolutions that would enhance the country’s economic diversification drive from oil as revenue mainstay.

“The event is centered on deliberating opportunities that will enhance the country’s expansion of its drive towards diversifying the national economy, thereby reducing the reliance of oil as a mainstay of the country’s revenue,” she said.

According to her, the webinar, the first in its series, will hold on Nov. 30.

Ani-Mumuney said the webinar aims to present sustainable exports as well as guide participants on ways of understanding the requirements for succeeding in the export business in Nigeria.

She said the webinar will also serve as an opportunity for participants to understand the technicalities in export finance and how to avoid the numerous hurdles and challenges of exports in Nigeria.

She added that the webinar would explore the market and economic trends, unique export opportunities, and potential within the non-oil export industry across the geopolitical zones in the country.

“The importance of exports in Nigeria remains a front-burner conversation by individuals and organizations as it provides a means of increasing the markets for producers, and an opportunity to attract the much needed foreign exchange earnings to boost the national economy.”

“In recent years, the country has witnessed increased activities by the government toward diversifying the economy, thereby boosting the export potential of the country.”

“Our forthcoming non-oil webinar series will expand discussions that are crucial to the growth of Nigeria’s export potential as we unlock numerous opportunities that will promote the economic diversification drive of the government which is essential to the continued growth of the national economy.”

The theme of the event is: “Building Sustainable Non-Oil Export in Nigeria; Harnessing Opportunities within the AfCFTA Treaty & Agro Commodities.”

Segun Awolowo Managing Director/Chief Executive Officer, Nigerian Export Promotion Council, Dr. Biodun Adedipe, Founder and Chief Consultant of B. Adedipe Associates Ltd. (BAA Consult) will be guest speakers at the virtual event.

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