Stakeholders have urged for increased investment in non-oil export products to enhance economic diversification. This call was made during the 9th Annual Zenith Bank International Trade Seminar held on September 4, 2024, at the Civic Centre in Lagos and virtually.
Dame (Dr.) Adaora Umeoji, Group Managing Director/CEO of Zenith Bank Plc, emphasized the role of non-oil exports in job creation. She stated, “Our theme 'Awakening the Giant,' speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them.” Umeoji highlighted that expanding exportable non-oil items would benefit exporters and increase foreign exchange earnings.
Mr. Segun Awolowo, Secretary of the National Action Committee for AfCFTA, praised Zenith Bank's initiative in organizing the seminar. He noted that focusing on production and value addition in sectors like solid minerals, agriculture, and petro-chemicals is crucial. He added that capturing a share of global trade volumes could drive economic diversification.
Alhaji Abba Bello from Nigerian Export Import Bank (NEXIM) stressed enhancing service exports for economic growth. He remarked on developing frameworks to support government programs aimed at creating IT jobs to boost ICT and creative industries' exports.
Lagos State Governor Babajide Olusola Sanwo-Olu’s representative highlighted efforts towards transforming raw agricultural products into finished goods as part of Lagos State's development plan. The focus is on processing products like cocoa and cashew nuts to increase export revenues.
Kano State Governor Engr. Abba Kabir’s representative spoke about leveraging Kano's agricultural sector for diversification through agro-processing investments.
Zamfara State Governor Dr. Dauda Lawal’s representative pointed out untapped potential in mining as a significant contributor to non-oil exports.
Zenith Bank initiated its Non-Oil Export Seminar in 2015 to promote discourse on non-oil export business opportunities in Nigeria and remains committed to stimulating this sector by identifying emerging opportunities.