Providus Bank Champions Sustainable Growth In Non-oil Exports

Providus Bank has reaffirmed its commitment to fostering a sustainable export-driven economy.

The managing director and CEO of the Bank, Walter Akpani stated this at the Bank’s fourth Non-Oil Export Summit held in Lagos, with the theme ‘Non-Oil Export – The Past, The Present and The Future’.

Represented by the chief risk officer of Providus Bank, Mr. Olugbile Erinwusi highlighted the financial institution’s strategic focus on enhancing Nigeria’s trade landscape.

Akpani explained that the event serves as a platform for collaboration with key stakeholders across various sectors, including agribusiness, mining, metals and African fashion; areas pivotal to Nigeria’s non-oil export potential.

He highlighted several initiatives aimed at bolstering export activities, including tailored trade support services, streamlined processing of necessary export documentation and the establishment of a dedicated export desk for advisory and financing solutions, noting that the bank is also implementing concessions on foreign exchange charges to enhance profitability for exporters.

He commended importers eager to pivot towards export activities, stating, “we remain committed to providing all supports within our reach, saying, This sentiment reflects Providus Bank’s broader strategy to lead in the export banking sector while aligning with Central Bank of Nigeria (CBN) objectives for sustainable economic growth.”

The summit featured insights from special assistant to the President on Export Expansion, Aliyu Sheriff who noted that the federal government has prioritized creating an enabling environment for exporters through reforms aimed at streamlining processes and improving infrastructure at critical ports.

Sheriff announced plans for a national export seminar in early 2025 to further engage stakeholders in advancing Nigeria’s export landscape.

He added that, “we are creating a future where Nigeria thrives not only as an oil exporter but as a global leader in non-oil exports.”

He also emphasised the importance of public-private partnerships and innovative solutions.

Executive director/CEO of the Nigerian Export Promotion Council (NEPC), Nonye Ayeni, reiterated that non-oil exports could yield greater economic benefits than oil revenues.

She stressed the need for Nigeria to harness its agricultural potential and bolster small and medium enterprises (SMEs) as part of its economic diversification efforts.

The command’s Area Controller, Nigeria Customs Service, Ajibola Odusanya highlighted recent measures to facilitate exports, noting that 99 per cent of exports are exempt from customs duties. He pointed out that new electronic systems have significantly reduced port congestion, thereby enhancing export efficiency.

Also, deputy director for Trade, Nigerian Shippers’ Council, Adaora Nwonu raised concerns about high shipping rates and emphasised the need for deliberate strategies to enhance competitiveness within the African Continental Free Trade Area (AfCFTA).

The summit concluded with two panel discussions featuring leading exporters and financial experts who shared insights on building a resilient and sustainable export economy in Nigeria.