Business

Zenith Bank Forum Advocates Value Addition To Non-Oil Exports

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1 week ago

September 9, 2024

Executive Director, Zenith Bank PLC, Adamu Lawani; Executive Director, Akin Ogunranti; Managing Director, Nigerian Export Import Bank (NEXIM), Abba Bello; representative of the Governor of Lagos State, the Commissioner for Commerce, Cooperatives , Trade and Investment, Folashade Ambrose Medebem; Group Managing Director/Chief Executive, Zenith Bank PLC, Adaora Umeoji; secretary, National Action Committee, AFCFTA, Segun Awolowo; Executive Director, Adobi Nwapa; Executive Director, Henry Oroh; and Executive Director, Louis Odon at the 9th annual edition of the Zenith Bank International Trade Seminar on Non-oil exports held at the Civic Centre, Victoria Island, Lagos.

Stakeholders at a Zenith Bank forum have called for consolidated efforts towards adding value to Nigeria’s non-oil exports products.

This they say could achieved by processing them into semi-finished and finished goods which would help unlock significant economic benefits for the nation.

This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”.

The seminar which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually, recorded an impressive participation from key stakeholders.

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The bank’s Group Managing Director/Chief Executive Officer, Dame (Dr.) Adaora Umeoji, highlighted the importance of non-oil exports as a catalyst for job creation, adding that the seminar’s theme spoke directly to the untapped potentials within the non-oil segment of the economy and how to optimise them.

According to her, this would involve 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 his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for the laudable initiative organising an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry.

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“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”, he advised