Providus Bank promotes non-oil export growth

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

The Managing Director and CEO, Mr Walter Akpani, stated in a welcome address at the bank’s fourth Non-Oil Export Summit in Lagos recently.

He highlighted the financial institution’s strategic focus on enhancing Nigeria’s trade landscape.

The summit, themed ‘Non-Oil Export: The Past, The Present and The Future’, built upon the successes of previous editions.

Akpani, who was represented by and delivered by the bank’s Chief Risk Officer, Mr Olugbile Erinwusi, explained that the event served 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.

According to Akpani,  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.” This sentiment reflects Providus Bank’s broader strategy to lead in the export banking sector while aligning with the Central Bank of Nigeria’s objectives for sustainable economic growth.”

The Special Assistant to the President on Export Expansion, Aliyu Sheriff, noted that the Federal Government had prioritised creating an enabling environment for exporters through reforms aimed at streamlining processes and improving infrastructure at critical ports.

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

“We are creating a future where Nigeria thrives not only as an oil exporter but as a global leader in non-oil exports,” he asserted, emphasising the importance of public-private partnerships and innovative solutions.

The Executive Director/CEO of the Nigerian Export Promotion Council, Mrs Nonye Ayeni, represented by Mr Arnold Jackson, 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 as part of its economic diversification efforts.

Adaora Nwonu from the Nigerian Shippers’ Council raised concerns about high shipping rates and emphasised the need for deliberate strategies to enhance competitiveness within the African Continental Free Trade Area.