Zenith Bank, Stakeholders Restate Commitment To Economic Diversification, Viable Non-Oil Export Sector

By Edu Abade

In a bid to further diversify the Nigerian economy, Zenith Bank Plc and stakeholders from different sectors have insisted on creating an enabling environment and concerted efforts to add value to non-oil export products by processing them into semi-finished and finished goods to unlock more economic benefits for Nigeria.

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This was the thrust of the 9th Annual Zenith Bank International Trade Seminar with the theme: Nigerian Non-Oil Export Industry: Awakening the Giant, held virtually on Wednesday, September 4, 2024.

Group Managing Director and CEO of Zenith Bank Plc, Dr. Adaora Umeoji, who highlighted the importance of non-oil export in creating jobs and generating foreign exchange earnings, stressed the need to increase the number and volume of exportable non-oil items and add value to exportable items into finished products.

Secretary, National Action Committee of AfCFTA, Segun Awolowo, commended Zenith Bank for its initiative in organizing the seminar and supporting the implementation of the AfCFTA.

He pointed out the need to focus on scaling production, productivity, and value addition for specific export products with high potential across three main sectors: solid minerals, agriculture, and petro-chemicals.

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Managing Director of the Nigerian Export Import Bank (NEXIM), Abba Bello, who harped on the need to amplify the export of services to facilitate economic growth, said it was important to develop strategic frameworks to support the promotion of export services.

Also speaking, Lagos State Governor, Babajide Olusola Sanwo-Olu, who was represented by the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, revealed efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian Economy.

He maintained that the state government focus on value addition and transforming raw agricultural products into finished goods, remain crucial for expansion of the Nigerian economy.

On his part, Kano State Governor, Abba Kabir, who was represented by the Special Adviser, State Affairs, Usman Bala Muhammad, stressed the need for strategic advantages in economic diversification through non-oil exports.

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He highlighted the importance of adding value to agricultural products and aligning export diversification strategies with global market trends and standards.

Also speaking, Zamfara State Governor, Dr. Dauda Lawal, who was represented by the Commissioner for Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export and highlighted the potential of the mining sector and the need to harness them.

It would be recalled that Zenith Bank launched the Non-Oil Export Seminar in 2015 to deepen the discourse on promoting the non-oil export business in Nigeria.

Since its inauguration, the bank has remained committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities and developing robust financial products and incentives for operators in the sector.