Economy
Stakeholders Hail FCMB’s Export Trade Promotion
By Dipo Olowookere
The series of customer fora organised by First City Monument Bank (FCMB) Limited on export trade has been described as laudable and an impressive initiative as it will go a long way to assist the growth of businesses and activities of the government, particularly in its bid to diversify the nation’s economy through the Zero-oil strategy.
The commendation came from the Emir of Kano, Alhaji Muhammed Sanusi II, Executive Director/Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mr Olusegun Awolowo and other stakeholders who attended the customer forum of the Bank held in Kano on January 26, 2017.
It was in collaboration with the NEPC, Central Bank of Nigeria (CBN), Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service (NCS) and 3T Impex Trade Academy.
The forum, the fourth by the Bank in its series, was themed, “Financial Inclusion for Non-oil Exports Growth”. It was aimed at further empowering and enhancing the capacity of its customers and other stakeholders on the rudiments and benefits of export trade and how FCMB could provide support, such as direct export financing, refinancing and rediscounting of sales contracts/invoice (pre-shipment and post-shipment financing) for agro commodities, solid minerals and other non-oil resources.
Speaking at the event, Emir Sanusi urged Nigerians engaged in export trade to move beyond primary products by focusing on the exportation of processed products, which will go a long way to add value to their businesses and the country in general. He stated that, “we must realise that the era of Nigeria exporting raw agricultural and other primary products is gone.
“For us to achieve the required mileage and benefits in international trade, we must redirect our efforts on processing finished products and export these items which will earn us more revenue, build capacity and accelerate the country’s drive towards industrialisation”.
He expressed gratitude to FCMB for organising the forum in Kano, while urging exporters in the state to take advantage of the opportunity to take their businesses to the next level.
“FCMB has provided a window of opportunity for businesses in Kano through this forum. I believe the Bank will use this platform to further empower the people, businesses and the economy of the state, considering its rich history beginning as an investment Bank and the institutions impressive skills pedigree”, Emir Sanusi added.
In his speech, Mr Awolowo, who was represented by the Regional Co-ordinator, North-West of the Council, Mr Abdullahi Mamman, stated that, “the NEPC’s collaboration with FCMB will play an important role in delivering the Zero-oil plan strategy and making the non-oil export sector a significant contributor to foreign exchange earnings”.
He added that by organising the customer forum, FCMB is helping to build a higher level of engagement with exporters and other stakeholders to promote competitiveness, competence and capacity through innovative and bespoke financial solutions.
Mr Awolowo explained that the Zero-oil plan is a coherent agenda to mobilise public and private sector resources towards replacing oil as the main source of the country’s foreign exchange and revenue.
“The focus is to make the world a market place for Nigerian non-oil products. We want to grow non-oil exports from $2.7 billion (2014) to $8 billion in 2019 and eventually $25 billion by 2025. Appropriate trade financing definitely is critical in achieving this feat”, he stressed.
Commenting on the customer forum, the Executive Director, Business Development of FCMB, Mr Adam Nuru, said it is one of the various initiatives of the Bank to build the capacity and support customers to take their businesses to the next level in order to effectively leverage on available opportunities, such as those provided by financial inclusion and e-payment solutions.
He added that, ‘’this programme helps to amplify how much we value our customers. It also provides a platform for us to equally inform the Market that we are truly on ground to support government, exporters and stakeholders in their efforts towards driving and growing export trade to boost non-oil revenue and other benefits in Nigeria in a sustainable manner’’.
Mr Nuru disclosed that FCMB has various services which it provides to exporters to enable them effectively carry out their business.
These include, but are not limited to, pre-shipment and post-shipment financing, processing of payments by way of telegraphic transfer, internet banking, or other means, provision of documentary and standby letters of credit, guarantees, performance bonds, securities underwriting commitments and other forms of off balance sheet exposures, issuing bank drafts and bank cheques to exporters to facilitate trade, lending through overdraft, instalment loans, cash management and treasury services, among others.
The Executive Director urged customers of the Bank to take advantage of these services so as to be able to compete favourably globally.
He assured that, “As an inclusive lender committed to exceptional service delivery, we will continue to champion and support initiatives that will fast-track the growth of the country and by extension our customers’ businesses in line with our values as a simple, helpful and reliable financial institution’’.
First City Monument Bank (FCMB) is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.
Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of its customers.
By Aduragbemi Omiyale
The ban on the export of raw shea nuts from Nigeria has been extended by one year by President Bola Tinubu.
A statement from the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Wednesday disclosed that the ban is now till February 25, 2027.
It was emphasised that this decision underscores the administration’s commitment to advancing industrial development, strengthening domestic value addition, and supporting the objectives of the Renewed Hope Agenda.
The ban aims to deepen processing capacity within Nigeria, enhance livelihoods in shea-producing communities, and promote the growth of Nigerian exports anchored on value-added products, the statement noted.
To further these objectives, President Tinubu has authorised the two Ministers of the Federal Ministry of Industry, Trade and Investment, and the Presidential Food Security Coordination Unit (PFSCU), to coordinate the implementation of a unified, evidence-based national framework that aligns industrialisation, trade, and investment priorities across the shea nut value chain.
He also approved the adoption of an export framework established by the Nigerian Commodity Exchange (NCX) and the withdrawal of all waivers allowing the direct export of raw shea nuts.
The President directed that any excess supply of raw shea nuts should be exported exclusively through the NCX framework, in accordance with the approved guidelines.
Additionally, he directed the Federal Ministry of Finance to provide access to a dedicated NESS Support Window to enable the Federal Ministry of Industry, Trade and Investment to pilot a Livelihood Finance Mechanism to strengthen production and processing capacity.
Shea nuts, the oil-rich fruits from the shea tree common in the Savanna belt of Nigeria, are the raw material for shea butter, renowned for its moisturising, anti-inflammatory, and antioxidant properties. The extracted butter is a principal ingredient in cosmetics for skin and hair, as well as in edible cooking oil. The Federal Government encourages processing shea nuts into butter locally, as butter fetches between 10 and 20 times the price of the raw nuts.
The federal government said it remains committed to policies that promote inclusive growth, local manufacturing and position Nigeria as a competitive participant in global agricultural value chains.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange expanded for the first session this week by 1.27 per cent on Wednesday, February 25.
This lifted the NASD Unlisted Security Index (NSI) above 4,000 points, with a 50.45-point addition to close at 4,025.25 points compared with the previous day’s 3,974.80 points, as the market capitalisation added N30.19 billion to close at N2.408 trillion versus Tuesday’s N2.378 trillion.
At the trading session, FrieslandCampina Wamco Nigeria Plc grew by N5.00 to trade at N100.00 per share compared with the previous day’s N95.00 per share, Central Securities Clearing System (CSCS) Plc improved by N4.18 to sell at N70.00 per unit versus N65.82 per unit, and First Trust Mortgage Bank Plc increased by 14 Kobo to trade at N1.59 per share compared with the previous day’s N1.45 per share.
However, the share price of Geo-Fluids Plc depreciated by 27 Kobo at midweek to close at N3.27 per unit, in contrast to the N3.30 per unit it was transacted a day earlier.
At the midweek session, the volume of securities went down by 25.3 per cent to 8.7 million units from 11.6 million units, the value of securities decreased by 92.5 per cent to N80.7 million from N1.2 billion, and the number of deals slipped by 33.3 per cent to 32 deals from the preceding session’s 48 deals.
At the close of business, CSCS Plc remained the most traded stock by value on a year-to-date basis with 34.1 million units exchanged for N2.0 billion, trailed by Okitipupa Plc with 6.3 million units traded for N1.1 billion, and Geo-Fluids Plc with 122.0 million units valued at N478.0 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.05 billion units valued at N408.7 million, followed by Geo-Fluids Plc with 122.0 million units sold for N478.0 million, and CSCS Plc with 34.1 million units worth N2.0 billion.
By Dipo Olowookere
The bears consolidated their dominance on the Nigerian Exchange (NGX) Limited on Wednesday, inflicting an additional 0.09 per cent cut on the market.
At midweek, the market capitalisation of the domestic stock exchange went down by N73 billion to N124.754 trillion from the preceding day’s N124.827 trillion, and the All-Share Index (ASI) slipped by 114.32 points to 194,370.20 points from 194,484.52 points.
A look at the sectoral performance showed that only the consumer goods index closed in green, gaining 1.19 per cent due to buying pressure.
However, sustained profit-taking weakened the insurance space by 3.79 per cent, the banking index slumped by 2.07 per cent, the energy counter went down by 0.24 per cent, and the industrial goods sector shrank by 0.22 per cent.
Business Post reports that 25 equities ended on the gainers’ chart, and 54 equities finished on the losers’ table, representing a negative market breadth index and weak investor sentiment.
RT Briscoe lost 10.00 per cent to sell for N10.35, ABC Transport crashed by 10.00 per cent to N6.75, SAHCO depreciated by 9.98 per cent to N139.35, Haldane McCall gave up 9.93 per cent to trade at N3.99, and Vitafoam Nigeria decreased by 9.93 per cent to N112.50.
Conversely, Jaiz Bank gained 9.95 per cent to settle at N14.03, Okomu Oil appreciated by 9.93 per cent to N1,765.00, Trans-nationwide Express chalked up 9.77 per cent to close at N2.36, Fortis Global Insurance moved up by 9.72 per cent to 79 Kobo, and Champion Breweries rose by 5.39 per cent to N17.60.
Yesterday, 1.4 billion shares worth N46.2 billion were transacted in 70,222 deals compared with the 1.1 billion shares valued at N53.4 billion traded in 72,218 deals a day earlier, implying a rise in the trading volume by 27.27 per cent, and a decline in the trading value and number of deals by 13.48 per cent and 2.76 per cent, respectively.
Fortis Global Insurance ended the session as the busiest stock after trading 193.7 million units for N152.7 million, Zenith Bank transacted 120.7 million units worth N11.1 billion, Japaul exchanged 114.8 million units valued at N407.0 million, Ellah Lakes sold 98.4 million units worth N999.2 million, and Access Holdings traded 63.1 million units valued at N1.7 billion.
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