At the 9th Annual Zenith Bank International Trade Seminar held on September 4, 2024, stakeholders from various sectors gathered to advocate for enhanced investment in non-oil export products as a vital strategy for economic diversification. Themed “Nigerian Non-Oil Export Industry: Awakening the Giant,” the event took place at the Civic Centre in Victoria Island, Lagos, and was also accessible virtually, attracting a diverse audience of industry leaders, policymakers, and entrepreneurs.
In her welcome address, Dame (Dr.) Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, underscored the critical role of non-oil exports in job creation and economic growth. “Our theme, ‘Awakening the Giant,’ speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them,” she stated. Umeoji emphasized the importance of increasing both the number and volume of exportable non-oil items, as well as adding value to these products by processing them into semi-finished and finished goods. “This approach not only enhances foreign exchange earnings for our country but also drives employment generation for Nigerian youths, who constitute 60% of our population,” she added, reaffirming Zenith Bank’s commitment to supporting these initiatives.
The keynote address by Mr. Segun Awolowo, Secretary of the National Action Committee for the African Continental Free Trade Area (AfCFTA), praised Zenith Bank for its ongoing efforts to foster growth in Nigeria’s non-oil export industry. He highlighted the need to focus on scaling production, productivity, and value addition across three key sectors: solid minerals, agriculture, and petrochemicals. Awolowo called for the country to aim for capturing at least 5% of global trade and export volumes in these areas. He also noted the significance of the services sector, which contributes over 50% to Nigeria’s GDP, as a major driver of economic diversification and innovation.
Alhaji Abba Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), echoed the call for increased focus on the export of services. He pointed out that strategic frameworks should be developed to enhance the current government initiatives, including the US$620 million Digital and Creative Enterprise (IDiCE) program aimed at empowering youths in the ICT and creative industries. “By promoting the export of services, we can leverage the sector’s economic strength and create job opportunities,” Bello stated.
In a goodwill message, Lagos State Governor Babajide Olusola Sanwo-Olu, represented by the Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, emphasized the state government’s commitment to facilitating non-oil exports. He noted that Lagos is rapidly becoming a hub for processing agricultural products like cocoa, cashew nuts, palm oil, and sesame seeds, which can significantly boost export revenues and create jobs.
Similarly, Governor Engr. Abba Kabir of Kano State, represented by Usman Bala Muhammad, highlighted the strategic advantages of economic diversification through agriculture. He stressed the importance of adding value to agricultural products through agro-processing to enhance local consumption and expand non-oil exports.
Dr. Dauda Lawal, Governor of Zamfara State, represented by Commissioner of Finance Abdullahi Bello Auta, pointed out the untapped potential in the mining sector, stating, “Zamfara is the hub of mineral resources in Nigeria, and we must organize this sector to harness its full potential for non-oil exports.”
Zenith Bank launched the Non-Oil Export Seminar in 2015 to deepen the discourse on promoting non-oil exports in Nigeria. The bank remains committed to identifying emerging opportunities, stimulating non-oil exports, and developing robust financial products and incentives for operators in this vital sector.
The seminar concluded with a renewed commitment from all stakeholders to collaborate in unlocking the vast potential of Nigeria’s non-oil export industry, paving the way for economic diversification and sustainable growth.