Emir of Kano Sanusi II promotes non-oil export trade at FCMB forum

27 Jan 2017
Financial Nigeria

Summary

FCMB provides trade finance support, such as direct export financing, refinancing and rediscounting of sales contract/invoice for agro commodities, solid minerals and other non-oil resources.

Emir of Kano, Muhammadu Sanusi II (left) at FCMB's forum on trade finance in Kano

The Emir of Kano, Muhammadu Sanusi II, has advocated support for Nigeria’s external trade in non-oil goods. He spoke at a forum on trade finance, organized by First City Monument Bank (FCMB), in collaboration with Nigerian Export Promotion Council (NEPC), Central Bank of Nigeria (CBN), Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy.

The forum, the fourth in the series by FCMB, held on January 26th, in the ancient city of Kano, with the theme: “Financial Inclusion for Non-oil Exports Growth”. The series aims at raising awareness of the bank’s customers and other stakeholders in export trade.

FCMB provides trade finance support, such as direct export financing, refinancing and rediscounting of sales contract/invoice for agro commodities, solid minerals and other non-oil resources.

Speaking at the event, Emir Sanusi urged Nigerians engaged in export trade to move beyond primary products by focusing on the exportation of processed products, which will go a long way to add value to their businesses and the country in general.

He stated: "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 industrialisation".
 
He expressed gratitude to FCMB for organising the forum in Kano, while urging exporters in the state to take advantage of the opportunity to grow their businesses.

The Emir, who is the immediate past Governor of CBN, also said "FCMB has provided a window of opportunity for businesses in Kano through this forum. I believe the Bank will use this platform to further empower the people, businesses and the economy of the state, considering its rich history beginning as an investment Bank and the institutions impressive skills pedigree."

In his speech, Segun Awolowo, CEO of NEPC, said the collaboration with FCMB will play an important role in delivering the Zero-oil Plan strategy. Under the plan, NEPC aims to help grow non-oil exports from $2.7 billion in 2014 to $8 billion by 2019, and eventually $25 billion by 2025.
 
Also commenting at the customer forum, the Executive Director, Business Development of FCMB, Adam Nuru, said it is one of the various initiatives of the Bank to build capacity and support customers to take their businesses to the next level, in order to effectively leverage available opportunities.  He said, “This programme helps to amplify how much we value our customers. It also provides a platform for us to equally inform the market that we are 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.”

FCMB is a member of FCMB Group Plc -- a holding company whose subsidiaries are some of Nigeria’s leading financial services institutions. FCMB transformed to a retail and commercial banking institution, after its inception as an investment banking group.


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