Zenith Bank seminar: Stakeholders seek investment in non-oil export products

Some stakeholders have called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for Nigeria.

The call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar which was held in Lagos on Wednesday, September 4, 2024.

Speaking at the event, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, highlighted the importance of non-oil export as a catalyst for job creation.

Umeoji said: “Our theme, ‘Awakening the Giant’, speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products.

“Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country.

“In addition, this sector will drive employment generation for Nigerian youths who constitute 60 per cent of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”

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The Secretary of the National Action Committee, AfCFTA, Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, for its initiative in organising an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA.

Commenting on the theme of this year’s export seminar, Awolowo added: “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 petrochemicals.

“We should also aim to capture at least five per cent 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.”

Also speaking, the Managing Director of Nigerian Export Import Bank (NEXIM), Abba Bello, emphasised the need to amplify the export of services in order to facilitate economic growth.

Bello said: “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 per cent to the GDP.

“Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled/technical jobs that could promote and expand export of ICT and creative industries products and services.”

On his part, Lagos State Governor Babajide Sanwo-Olu, who was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian economy.

Other dignitaries at the event included Kano State Governor Abba Yusuf, represented by the Special Adviser, State Affairs, Usman Bala Muhammad; and Zamfara State Governor Dauda Lawal, who was represented by the Commissioner of Finance, Abdullahi Bello Auta.

The Star