Stakeholders have called for value to be placed in non-oil export products by processing them into semi-finished and finished goods to unlock significant economic benefits for the nation.
The charge was made at the 2024 Zenith Bank International Trade Seminar held virtually on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos.
The seminar, its 9th themed “Nigerian Non-Oil Export Industry: Awakening the Giant”,
At the event, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as a catalyst for job creation.
She noted that the event’s theme “Awakening the Giant,” speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them by increasing 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,” she said.
Also speaking at the seminar, the Secretary, National Action Committee, AfCFTA, Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA.
Commenting on the theme of this year’s export seminar, 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 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.”
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