At the 9th Annual Zenith Bank International Trade Seminar, stakeholders emphasized the need for increased value addition in Nigeria’s non-oil export sector to unlock substantial economic benefits.
The seminar, themed “Nigerian Non-Oil Export Industry: Awakening the Giant,” was held on September 4, 2024, at the Civic Centre in Victoria Island, Lagos, with virtual participation.
Dame (Dr.) Adaora Umeoji, OON, the Group Managing Director/CEO of Zenith Bank Plc, highlighted in her welcome address that non-oil exports hold immense potential for job creation and economic growth.
She stressed the importance of increasing both the number and volume of non-oil export products while adding value to these goods by processing them into finished products.
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% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”
Delivering the keynote address, Mr. Segun Awolowo, Secretary of the National Action Committee for the African Continental Free Trade Area (AfCFTA), praised Zenith Bank for its consistent efforts in supporting Nigeria’s non-oil export sector.
He emphasized that scaling production, improving productivity, and adding value to key export products like solid minerals, agriculture, and petrochemicals were crucial for Nigeria to capture a share of global trade.
Commenting on the theme of this year’s export seminar, he added that “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.”
Alhaji Abba Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), highlighted the significant economic contributions of Nigeria’s services sector.
He called for strategic frameworks to promote the export of services, building on the government’s $620 million Digital and Creative Enterprise Program (IDiCE) aimed at empowering youths in ICT and creative industries.
In his words, “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.
“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.”
In a goodwill message, Lagos State Governor Babajide Sanwo-Olu, represented by Mrs. Folashade Ambrose-Medebem, the Commissioner for Commerce, Cooperatives, Trade, and Investment, underscored Lagos State’s role in boosting non-oil exports.
He pointed out that Lagos was rapidly becoming a hub for the processing of products like cocoa, cashew nuts, and palm oil, all of which have the potential to generate higher revenues and create jobs when processed to international standards.
He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets.
“For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens.
“The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to every corner of the globe.”
Similarly, Kano State Governor Engr. Abba Kabir, represented by Special Adviser Usman Bala Muhammad, spoke about the state’s agricultural strength and its focus on adding value through agro-processing.
He noted that Kano’s efforts to diversify its economy align with global market trends, leveraging opportunities presented by AfCFTA to expand Nigeria’s reach in African and international markets.
In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value.
“Through strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.”
Zamfara State Governor Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, emphasized the untapped potential of Nigeria’s mining sector, particularly in Zamfara.
He urged stakeholders to focus on organizing the sector to harness the wealth of solid minerals available in the state.
According to him, “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. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”
Zenith Bank launched the Non-Oil Export Seminar in 2015 to promote discussions on the non-oil export industry. The bank remains committed to identifying new opportunities and offering financial products and incentives to stimulate the growth of Nigeria’s non-oil export sector.
