Stakeholders at the 9th Annual Zenith Bank International Trade Seminar have emphasised the importance of processing non-oil exports to unlock significant economic benefits for Nigeria.
The seminar, themed “Nigerian Non-Oil Export Industry: Awakening the Giant,” held in Lagos on Wednesday, September 4 highlighted the potential for job creation and foreign exchange earnings through non-oil exports.
In her welcome address, Dame Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, emphasised the importance of non-oil exports as a catalyst for job creation.
“Our theme ‘Awakening the Giant’ speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimise them. This involves increasing the number and volume of exportable non-oil items and adding value to them by transforming them into finished products,” Umeoji stated.
“This approach will lead to more business opportunities for our esteemed exporters, increased foreign exchange earnings for our country, and drive employment generation for Nigerian youths, who make up 60% of our 233 million population. Zenith Bank is committed to being at the forefront of these efforts.”
The Secretary of the National Action Committee, AfCFTA, Segun Awolowo, commended Zenith Bank for its initiative in staging the seminar and its support for the implementation of the AfCFTA. He highlighted the need to focus on scaling production, productivity, and value addition in sectors like solid minerals, agriculture, and petrochemicals.
“In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid minerals, agriculture and petro-chemicals.
“We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”
One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector.
Managing Director of NEXIM, Abba Bello, stressed the importance of promoting the export of services, which contributes significantly to Nigeria’s GDP.
“A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP.”
He also called for strategic frameworks to support the export of ICT and creative industry products and services.
Governor of Lagos State, represented by Folashade Ambrose-Medebem, highlighted Lagos State’s efforts in facilitating non-oil exports, including value addition to agricultural products and promoting manufacturing.
“This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets.”
Zamfara State governor, represented by Abdullahi Bello Auta, urged stakeholders to explore the untapped potential of the mining sector for non-oil exports.
“One major important sector which contributes to non-oil exports which is not harnessed is the mining sector.”
