The Managing Director, First City Monument Bank, Mrs Yemisi Edun, has said that deregulation of Nigeria’s economy into non-oil export will reduce the country’s vulnerability against external shocks.

A statement said she spoke at a non-oil export trade seminar organised by FCMB, which was the fifth in its series, wiwth the theme, ‘Refocusing Nigeria’s economic development through non-oil exports’. The seminar aimed to transform the non-oil sector into the primary driver of economic growth.

While commending the Central Bank and Bankers’ Committee for introducing the RT200 that had increased the foreign exchange inflow to about $600m in the first half of 2022, the FCMB boss identified non-oil export as a catalyst for rapid economic growth.

She said it would reduce Nigeria’s vulnerability to external shocks undermining the economy while affirming the FCMB’s commitment to the sector, especially opportunities in the African Continental Free Trade Area.

She identified non-oil export as a catalyst for rapid economic growth. She said it would reduce Nigeria’s vulnerability to external shocks undermining the economy.

At the seminar, other policymakers, financiers, export trade experts, and value chain players insisted that Nigeria’s vast non-oil endowment must be urgently leveraged to diversify and expand its revenue base, reduce the dependence on crude oil for foreign exchange earnings, and stimulate rapid economic growth.