First City Monument Bank (FCMB), the flagship banking unit of FCMB Group, a Lagos-based financial services holding company led by Nigerian banking executive Ladi Balogun, is stepping up efforts to strengthen the country’s non-oil sector, positioning it as a key driver of economic growth.
At the sixth edition of its seminar, “Refocusing Nigeria’s Economic Development Through Non-Oil Exports,” FCMB reaffirmed its commitment to increasing non-oil exports. As of June 2024, the bank had facilitated over $900 million in export flows and $140 million in remittances, helping the government diversify and drive economic growth.
FCMB’s Managing Director, Yemisi Edun, discussed the bank’s efforts to create a conducive operating environment and improve export infrastructure. “By working together, we can pave the way for the enduring success of Nigeria’s export sector,” Edun told the crowd. She emphasized Nigeria’s strong position as a major cash crop producer, as well as the potential benefits of the African Continental Free Trade Area (AfCFTA). Edun reiterated FCMB’s commitment to assisting businesses in capitalizing on the potential afforded by AfCFTA.
Nonye Ayeni, Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), emphasized the importance of exporters increasing production and improving product quality in order to remain competitive on the world arena during her keynote talk. Ayeni announced the NEPC’s ‘Export 35 Refined’ project, which aims to assist Nigeria’s top 20 agricultural goods with the potential to create considerable cash. “Nigeria’s non-oil export sector has enormous untapped potential,” Ayeni said, expressing hope for the country’s economic future.
FCMB Group, led by Ladi Balogun, continues to develop and extend its operations across a variety of financial services. The company is divided into three business segments: commercial and retail banking, investment banking, and asset and wealth management. In addition to its Nigerian business, FCMB Group has a presence in the United Kingdom.
FCMB, its major subsidiary, services over 7.1 million customers through more than 200 locations in Nigeria. FCMB strengthened its leadership with new board nominations, including Ademola Adebise and Olufunmilayo Adedibu, bolstering its strategic expansion and market position.
