ADVERTISEMENT
  • The Membership Club
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Thursday, January 21, 2021
Premium Times Nigeria
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
Fidelity Bank mulls non-oil exports for inclusive economic growth

Nnamdi Okonkwo, Managing Director, Fidelity Bank

Fidelity Bank mulls non-oil exports for inclusive economic growth

byPress Release
March 22, 2016
2 min read

Fidelity Bank on Tuesday said it foresaw an imminent growth in non-oil export as more Nigerians, governments begin to wake up to the huge prospects inherent in the Agricultural and Small Medium Enterprise (SMEs) sectors.

Nnamdi Okonkwo, managing director of the bank, who made this remark at a one-day workshop/training on exports organised by Koinonia Ventures Limited in conjunction with the bank, expressed high optimism that these sectors, if properly positioned could play significant roles in diversifying Nigeria’s monolithic economy.

Mr. Okonkwo however pointed out that no other time is the subject of import and export substitution more important than now when the country is grappling with a revenue crisis precipitated by the steep decline in crude oil prices and widespread corruption.

The Nigerian Export Promotion Council (NEPC) has predicted that Nigeria’s non-oil sector will generate about $100 billion in export earnings in the next 12 years.

To assist export-oriented MSMEs raise their level of competitiveness in the global market, Mr. Okonkwo said the bank had raised N30 billion in corporate bonds on the Nigerian Stock Exchange (NSE).

He said the capital raising exercise is expected to enable the bank fulfil its promise to increase MSME lending to 50 percent by 2017, further adding that the bank has earmarked 80 percent of the net proceed of the bond to finance MSMEs which have been peddled as the next cash cow.

Mr. Okonkwo, who was represented by Chijioke Ugochukwu, the bank’s executive director, Shared Services & Products, said the lender’s renewed focus on MSMEs was driven by its growing role in the transformation of economies.

Speaking on ‘Turning Adversity to Prosperity: A Case for a Radical Repositioning of Nigeria’s Non-Oil Export Sector’, Olufemi Boyede, MD/CEO, Koinonia Ventures noted that the Nigerian economy can only make progress if local entrepreneurs become export-ready.

Commenting on the country’s competitive advantage, particularly as it relates to export trade, Mr. Boyede said Nigeria currently has over 5, 000 exportable products, explaining that about 21 of such products can be quickly harnessed for the benefit of the nation’s economy.

RelatedNews

TB Joshua urges Nigerians to accept COVID-19 vaccine

EPL: Cavani, Pogba shoot Manchester United back to top spot

Herdsmen: Buhari unaware of security situation in Ondo – Akeredolu’s aide

Nigeria looks forward to working with Biden, Harris – Buhari

Alluding to the enormous successes of Obama’s National Export Initiative (NEI), the Koinonia boss urged the federal government to create the much needed environment for Nigerian exporters to thrive.

“The Barack Obama Administration has made it a top priority to improve the conditions that directly affect the private sector’s ability to export,” he said.

According to him, the Nigerian government must ensure that trade barrier abroad are completely removed, stating that government at all levels must channel their energies towards helping firms of all sizes and farmers overcome hurdles of financing and access to new markets.

Dangote adbanner 728x90_2 (1)

Mr. Boyede applauded the Central Bank of Nigeria (CBN), the nation’s apex financial institution for establishing a N550 billion intervention fund aimed at upscaling Nigeria’s export performance, urging Fidelity Bank Plc to help exporters take advantage of the facility.

In her keynote address at the training programme, Aisha Abubakar, minister of state, Industry Trade & Investment, said government is more than ever dogged in its quest to revive agriculture as an alternative to crude oil through better reforms, value chain/addition and discouragement of export of raw materials.

“There are a sizeable number of agricultural commodities grown in Nigeria that are quoted in the international commodities market and these include cocoa, palm oil, groundnut, Sesame seed, Shea Nuts, cotton and even fish,” Ms. Abubakar said.

She noted that the fundamental drawback to the growth of export is standardization, explaining that Nigerian exporters are struggling to meet the quality requirements of their trading partners.

“Exporters must go further to add value to produce, package properly and then they will attract higher prices”, he added.

The workshop, which had as its theme, ‘Key Trends & Opportunities in the Non-Oil Export Sector’ brought together subject matter experts, government agencies as well as private sector players in export business, to share knowledge and insights on the key trends and opportunities in the non-oil export sector.

ADVERTISEMENT
  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate


TEXT AD: To advertise here . Call Willie +2347088095401...


JOIN THE CONVERSATION

  • Disqus (0)
premiumtimes



PT Mag Campaign AD

Previous Post

Boko Haram: Nigeria sets up Naval post in Lake Chad region

Next Post

Alleged sexual assault at Queens College: Minister sets up investigation panel

Press Release

Press Release

More News

Nigerian Economy

Despite COVID, Nigeria’s quarterly FDI reached two-year high in 2020

January 21, 2021
A wheat farm used to illustrate story [PHOTO CREDIT: Business Standard]

EXCLUSIVE: Nigeria’s decade-long wheat production so woeful 98% is imported

January 21, 2021
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

NSE: Industrial goods, oil & gas stocks drive rebound

January 20, 2021
Naira notes used to illustrate market trading

Naira gains at I&E market; stable at parallel market

January 20, 2021
Access-Bank

Access Bank seeks presence in eight African countries to tap AfCFTA opportunities

January 20, 2021
The logo of the Nigerian Stock Exchange is pictured in Lagos, Nigeria November 9, 2016. REUTERS/Afolabi Sotunde

NSE: Nigeria market extends slide amid 29% drop in trade volume

January 19, 2021
Next Post
Alleged sexual assault at Queens College: Minister sets up investigation panel

Alleged sexual assault at Queens College: Minister sets up investigation panel

UPDATE: Iwobi recovers, trains with Eagles in Kaduna

UPDATE: Iwobi recovers, trains with Eagles in Kaduna

Discussion about this post

Search

#EndSARS: Latest Updates




Polaris Bank


JAIZ Ad


NITDA Ad




Advertisement






netherland biz school Advert

Zenith Advert

Heritage Advert
ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps Address Nationwide
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • Home
  • COVID-19
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Features
    • Investigations
    • Interviews
    • Markets
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • Opinion
  • PT Hausa
  • The Membership Club
  • Dubawa
    • Dubawa NG
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
  • Digital Store
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.