Zenith Bank, others urge value addition to exports for economic growth

The need for concerted efforts to add value to non-oil exports by processing them into semi-finished and finished goods to unlock significant economic benefits for the country has been highlighted.

Stakeholders made the call at the 9th Edition of the Zenith Bank International Trade Seminar at the Civic Centre, Victoria Island, Lagos State, with the theme ‘Nigerian Non-Oil Export Industry: Awakening the Giant’.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr Adaora Umeoji, highlighted the importance of non-oil export as a catalyst for job creation.

She said: “Our theme, ‘Awakening the Giant’, speaks directly to the untapped potential within the non-oil segment of the economy and how to optimise it. 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.”

Delivering his keynote address, the Secretary, National Action Committee (NAC), African Continental Free Trade Area (AfCFTA), Mr Segun Awolowo, commended the bank for its laudable initiative in organising a yearly export seminar to explore opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of AfCFTA.

Commenting on the theme, he 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 Gross Domestic Product (GDP) but also a key driver of economic diversification, job creation and innovation.”

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

“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 yearly contributes over 50 per cent to the GDP.

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

In his goodwill message, the Governor of Lagos, Babajide Sanwo-Olu, represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, highlighted the efforts of the state government in facilitating non-oil export for the growth of the country’s economy.

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.

“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.”

Governor of Kano State, Abba Kabir, represented by the Special Adviser, State Affairs, Usman Muhammad, emphasised strategic advantages in economic diversification in non-oil exports.

“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 AfCFTA, we can significantly expand Nigeria’s non-oil exports to African markets and beyond,” he said.

Governor of Zamfara State, Dauda Lawal, represented by his Commissioner of Finance, Abdullahi Auta, urged stakeholders to explore other untapped areas for export.

He said: “One major important sector that contributes to non-oil export, which is not harnessed, and which is giving us a lot of trouble simply because it is not organised, is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and good quality.”