The secretary, national action committee of African Continental Free Trade Area (AfCFTA), Mr. Segun Awolowo, has called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for Nigeria.
Awolowo made the call in a keynote address at the 9th Edition of the Annual Zenith Bank International Trade Seminar held yesterday in Lagos under the theme ‘Nigerian non-oil export industry: Awakening the giant’.
He commended the bank for the for its laudable initiative in organising 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.
“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 petro-chemicals.
“We should also aim to capture at least 5 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 GDP but also a key driver of economic diversification, job creation, and innovation,” he said.
Also speaking, the managing director, Nigerian Export Import Bank (NEXIM), Mr 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 annually contributes over 50 per cent to the GDP.
“Specifically, strategic frameworks need to be developed to complement current government’s $620 million programme under the Investment in Digital and Creative Enterprises (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services,” he added.
Speaking on diversification, the governor of Zamfara State, Dr. Dauda Lawal, who was represented by the commissioner of finance, Mr Abdullahi Auta, urged stakeholders to explore other untapped areas for export. According to him,
“One major important sector which 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 State is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality,” he said.
In his goodwill message, the governor of Lagos State, Mr Babajide Sanwo-Olu, highlighted the efforts of the state government in facilitating non-oil export for the growth of the Nigerian economy.
The governor who was represented by the commissioner for commerce, cooperatives, trade and investment, Mrs. Folashade Ambrose-Medebem, said the theme of the event resonates deeply with the strategic objectives of the Lagos State Development Plan 2052, adding that 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. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. 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,” the governor said.
For his part, the governor of Kano State, Mr. Abba Kabir underscored the strategic advantages of economic diversification in non-oil exports.
Represented by the special adviser, state affairs, Mr Usman Muhammad, the governor said: “Our strength begins with agriculture, which has been the cornerstone of our economy for decades.
“Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. 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 the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.
Earlier in her welcome address, the GMD/CE of Zenith Bank Plc, Dr Adaora Umeoji, highlighted the importance of non-oil exports as a catalyst for job creation.
“Our theme ‘Awakening the giant’ speaks directly to the untapped potential within the non-oil segment of the economy and how to optimize them. 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,” she said.
Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.
