First Bank assures exporters of modern solutions to support Nigeria’s non-oil sector

First Bank of Nigeria (FBN) says it plans to churn out modern solutions to support the non-oil export sector’s growth in 2025.

Olusegun Alebiosu, the managing director of FBN, spoke at the bank’s first quarterly export webinar held on Thursday.

Alebiosu said the webinar, themed, ‘From Nigeria to the World: Navigating Complexities in Non-Oil Exports’, aims to promote best practices in Nigeria’s export trade and enhance economic growth.

He said the theme was designed to educate the bank’s customers, clients, and stakeholders on emerging opportunities, pressing challenges, and the best global practices in the export industry.

Alebiosu promised that FBN would strengthen the non-oil export sector through innovative products, strategic partnerships, and modern platforms to drive sustainable growth.

“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,” Alebiosu said.

“We will update you on our initiatives for the year and introduce modern solutions to drive the growth of the non-oil export sector in 2025.

“Be assured of our dedication to supporting Nigerian export companies with innovative products, partnerships, and platforms for sustainable growth.”

Also speaking, William Kanya, acting director of trade and exchange at the Central Bank of Nigeria (CBN), emphasised the apex bank’s commitment to supporting non-oil exports.

Kanya outlined measures and collaborations with deposit money banks and regulators to ensure timely payment of export proceeds and proper pricing.

‘NIGERIA HAS VAST EXPORT POTENTIAL’

Nonye Ayeni, chief executive officer (CEO) of the Nigerian Export Promotion Council (NEPC), said Nigeria has vast export potential that can be harnessed through collaboration.

Ayeni also provided insights into accessing international markets and meeting global standards and compliance requirements.

She highlighted mentorship programmes available to exporters and provided insights on accessing international markets and meeting global standards.

‘NO NAFDAC-CERTIFIED PRODUCT IS REJECTED FOR EXPORT’

Mojisola Adeyeye, director-general of the National Agency for Food and Drug Administration and Control (NAFDAC), said no NAFDAC-regulated product certified for export has been rejected recently.

Adeyeye stated that due to regulatory efforts, the numbers have declined since Nigeria recorded 335 rejection notifications between 2018 and 2024.

“It is noteworthy that no NAFDAC-regulated product certified for export has been rejected,” she said.

“Exporters must obtain NAFDAC export certificates to avoid rejection, which leads to financial loss and reduces foreign exchange earnings.”

She said the overlap between NAFDAC and the Standards Organisation of Nigeria (SON) is currently being addressed through a committee.

Ifeanyi Okeke, director-general of SON, outlined export requirements, highlighting the organisation’s role in export regulation and the enabling laws guiding its operations for seamless export processing.

The director-general, represented by Olalekan Omoniyi, a deputy director at the regulatory agency, said the benefits of compliance include improved product acceptability, reduced rejection rates, and better access to international markets.

Participants at the event asked the regulatory agencies to streamline their functions and collaborate more to simplify export procedures for Nigerian exporters.