By Ayomide Otitoju
Stakeholders at the 2024 Zenith Bank International Trade Seminar have called for the promotion of value-added exports to drive Nigeria’s economic growth. They emphasized the importance of processing non-oil export products into semi-finished and finished goods to unlock significant benefits for the nation.
According to a statement from Zenith Bank, the call was made during the ninth edition of the Annual Zenith Bank International Trade Seminar, themed “Nigerian Non-Oil Export Industry: Awakening the Giant,” held on Wednesday in Lagos and virtually.
In her opening remarks, Zenith Bank Group Managing Director/CEO, Dr. Adaora Umeoji, highlighted the critical role of non-oil exports in job creation and economic diversification. She stated, “Our theme, ‘Awakening the Giant,’ addresses the untapped potential within the non-oil sector and how we can optimize it. This includes increasing both the number and volume of exportable non-oil items and adding value by turning these products into finished goods. More exports mean more business for our esteemed exporters and higher foreign exchange earnings for the country.
“This sector will also generate employment for Nigerian youths, who make up 60% of the estimated 233 million population, and Zenith Bank remains committed to leading these efforts,” Umeoji added.
In his keynote address, Mr. Segun Awolowo, Secretary of the National Action Committee on the African Continental Free Trade Area (AfCFTA), praised Zenith Bank for its commitment to advancing the non-oil export sector and supporting AfCFTA’s implementation. He lauded the bank’s founder and Chairman, Jim Ovia, for his leadership in organizing the annual seminar.
Awolowo stressed the need for Nigeria to focus on scaling production, improving productivity, and enhancing value addition across key sectors such as solid minerals, agriculture, and petrochemicals. “To truly awaken the giant, we must aim to capture at least 5% of global trade and export volumes for these high-potential products,” he said.
The seminar reinforced the importance of non-oil exports as a key driver for Nigeria’s sustainable economic development.
