At the 9th edition of the Annual Zenith Bank International Trade Seminar, stakeholders urged a concerted effort towards adding value to Nigeria’s non-oil export products by processing them into semi-finished and finished goods to unlock significant economic benefits for the country. The seminar, themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, took place yesterday at the Civic Centre, Victoria Island, Lagos, with a virtual component.

In her welcome address, Dr. Adaora Umeoji, OON, Group Managing Director/Chief Executive Officer of Zenith Bank Plc, underscored the importance of non-oil exports as a catalyst for job creation. She said, “Our theme, ‘Awakening the Giant’, directly addresses the untapped potential within the non-oil sector and how best to optimise it. This includes increasing the quantity and volume of exportable non-oil items and enhancing value addition through processing exportable goods into finished products. This increase will mean more business opportunities for our esteemed exporters and a rise in foreign exchange earnings for the nation.

“In addition, this sector will significantly contribute to employment generation for Nigerian youth, who make up 60 per cent of our estimated 233 million population. Zenith Bank is committed to leading the charge in these efforts.”

Delivering the keynote address, Mr Segun Awolowo, Secretary of the National Action Committee, AfCFTA, praised Zenith Bank and its Founder and Chairman, Jim Ovia, CFR, for organising the annual seminar, aimed at fostering growth opportunities in Nigeria’s non-oil export sector. He further stated, “To awaken this giant, we must focus on scaling production, increasing productivity, and adding value to key export products across three major sectors—solid minerals, agriculture, and petrochemicals. We should also aim to capture at least five per cent of global trade and export volumes for these products.

“Additionally, the services sector, a significant contributor to Nigeria’s GDP, presents another avenue for economic diversification, job creation, and innovation.”

The Managing Director of the Nigerian Export-Import Bank (NEXIM), Alhaji Abba Bello, also delivered a keynote address, highlighting the potential of the services sector in facilitating economic growth. He said, “We must intensify efforts to promote the export of services, given the sector’s contribution of over 50 per cent to the GDP. Specific strategies must be implemented to complement the government’s $620 million initiative under the Digital and Creative Enterprise Programme (IDiCE), which aims to empower youths to create skilled and technical jobs, thus expanding the export of ICT and creative industry products.”

In his goodwill message, Lagos State Governor Babajide Sanwo-Olu, represented by Mrs Folashade Ambrose-Medebem, Commissioner for Commerce, Cooperatives, Trade, and Investment, emphasised the state’s commitment to non-oil export as part of its strategy for economic growth. He remarked, “The seminar’s theme aligns with the Lagos State Development Plan 2052. Nigeria’s creative economy is a key driver of growth and central to our export diversification strategy.

“Our focus is on adding value—converting raw agricultural products into finished goods that fetch premium prices in global markets. Lagos is rapidly becoming a hub for processing cocoa, cashew nuts, palm oil, and sesame seeds, which will significantly boost export revenues and create thousands of jobs. Additionally, the manufacturing sector offers a promising path for export diversification.”

Kano State Governor Engr. Abba Kabir, represented by Special Adviser Usman Bala Muhammad, also spoke on the benefits of economic diversification through non-oil exports. He noted, “Our strength in agriculture has been the foundation of Kano’s economy for decades. However, diversification goes beyond increasing crop yields; it involves adding value. By investing in agro-processing, we are transforming raw agricultural products into finished goods, creating jobs, and boosting local consumption.”

Governor of Zamfara State, Dr Dauda Lawal, represented by Commissioner of Finance Abdullahi Bello Auta, urged stakeholders to explore the underutilised mining sector. He remarked, “The mining sector, a key contributor to non-oil exports, remains underexploited, causing challenges due to its lack of organisation. Zamfara is a hub for solid minerals, and we have abundant, high-quality resources that are yet to be fully tapped.”

Zenith Bank launched its Non-Oil Export Seminar in 2015 to deepen the dialogue on promoting Nigeria’s non-oil export business. The bank remains committed to identifying emerging opportunities, stimulating non-oil exports, and developing financial products and incentives to support operators in the sector.