STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

Stakeholders unanimously known as for concerted efforts in direction of including worth to non-oil export merchandise by processing them into semi-finished and completed items in an effort to unlock important financial advantages for the nation. This clarion name was made on the ninth Version of the Annual Zenith Bank Worldwide Commerce Seminar themed “Nigerian Non-Oil Export Business: Awakening the Large”, which was held on Wednesday, September 4, 2024, on the Civic Centre, Victoria Island, Lagos and just about.

In her welcome handle, the Group Managing Director/Chief Government Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the significance of non-oil export as a catalyst for job creation. In line with her, “Our theme “Awakening the Large,” speaks on to the untapped potentials inside the non-oil section of the financial system and tips on how to optimize them. This includes a rise within the quantity and quantity of exportable non-oil gadgets and worth addition to exportable gadgets into completed merchandise. Growing the quantity and quantity of exportable non-oil merchandise implies extra enterprise for you, our esteemed exporters, and elevated international trade earnings for our nation. As well as, this sector will drive employment technology for Nigerian youths who represent 60% of the estimated 233 million inhabitants, and Zenith Bank is dedicated to being on the forefront of those efforts.”

Delivering his keynote handle, the Secretary, Nationwide Motion Committee, AfCFTA, Mr. Segun Awolowo, counseled Zenith Bank and its management led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar focused in direction of exploring alternatives for progress in Nigeria’s non-oil export trade and for its constant exploits in supporting the implementation of the AfCFTA. Commenting on the theme of this 12 months’s export seminar, he added that “In awakening the large, we should give attention to scaling manufacturing, productiveness and worth addition for some particular export merchandise with excessive potential throughout three fundamental sectors – stable minerals, agriculture and petro-chemicals. We must also purpose to seize a minimum of 5% of the worldwide commerce and export volumes for these merchandise. Moreover, within the genie bottle is the providers sector, which isn’t solely a significant contributor to Nigeria’s GDP but in addition a key driver of financial diversification, job creation, and innovation.”

Additionally in his keynote handle, the Managing Director of Nigerian Export Import Financial institution (NEXIM), Alhaji Abba Bello, emphasised the necessity to amplify the export of providers in an effort to facilitate financial progress. In his phrases, “A key space that wants mentioning is the necessity to intensify efforts to help the promotion of export of providers to leverage on the sector’s financial energy during which the providers sector yearly contributes over 50% to the GDP. Particularly, strategic frameworks have to be developed to enrich present Authorities’s US$620 million programme underneath the Digital and Inventive Enterprise (IDiCE), which is designed to empower youths to create IT and expert / technical jobs that would promote and increase export of ICT and artistic industries services.”

In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives, Commerce and Funding, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Authorities in facilitating non-oil export for the expansion of the Nigerian Financial system. He stated, “This seminar’s theme resonates deeply with the strategic aims of the Lagos State Growth Plan 2052. Nigeria’s artistic financial system is a strong engine of progress and a key pillar of our export diversification technique. Our focus is on worth addition—reworking uncooked agricultural merchandise into completed items that command increased costs in worldwide markets. As an example, Lagos State is quickly changing into a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These merchandise, when processed and packaged to worldwide requirements, can considerably enhance our export revenues and create 1000’s of jobs for our residents. The manufacturing sector presents one other promising avenue for export diversification. Our imaginative and prescient is to remodel Lagos into a world manufacturing hub, the place high-quality, made-in-Lagos merchandise are exported to each nook of the globe.

Additionally in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Particular Adviser, State Affairs, Usman Bala Muhammad, emphasised strategic benefits in financial diversification in non-oil exports. In his phrases, “Our energy begins with agriculture, which has been the cornerstone of our financial system for many years. Kano’s agricultural sector has a powerful base that we’re leveraging for diversification. Nevertheless, diversification isn’t just about rising crop yields; it’s about including worth. By means of strategic investments in agro-processing, we’re changing uncooked agricultural merchandise into completed items, creating jobs, and enhancing native consumption. By aligning our export diversification methods with world market developments and requirements, and leveraging alternatives such because the African Continental Free Commerce Space (AfCFTA), we will considerably increase Nigeria’s non-oil exports to African markets and past.

Talking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to discover different untapped areas for export. In line with him, “One main vital sector which contributes to non-oil export which isn’t harnessed and which is giving us numerous bother just because it isn’t organized is the mining sector. I can let you know with all sincerity and braveness that when we’re speaking of mineral assets in Nigeria, Zamfara state is the hub. There is no such thing as a single stable mineral you can discuss of that you simply can not discover right here in abundance and in good high quality.”

Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on selling the non-oil export enterprise in Nigeria, and stays dedicated to selling the non-oil export sector in Nigeria by figuring out rising alternatives which assist stimulate non-oil exports and develop sturdy monetary merchandise in addition to incentives for operators within the sector.