Value-added exports can unlock economic growth – Stakeholders

Stakeholders at the 2024 Zenith Bank International Trade Seminar have called for value-added exports to boost Nigeria’s economic growth.

They said that by processing non-oil export products into semi-finished and finished goods would unlock significant economic benefits for the nation.

A statement from Zenith Bank said that the call was made at the ninth edition of the Annual Zenith Bank International Trade Seminar, themed: ‘Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday in Lagos and virtually.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank, Dr Adaora Umeoji, highlighted the importance of non-oil export as a catalyst for job creation.

She said, “Our theme, ‘Awakening the Giant’, speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimise 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.”

In his keynote address, the Secretary of the National Action Committee, AfCFTA, Mr Segun Awolowo, commended Zenith Bank and its leadership led by the founder and Chairman of the board, Jim Ovia, for its laudable initiative in organising an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry

He also commended the bank for its consistent exploits in supporting the implementation of the AfCFTA.

Awolowo 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 five per cent of the global trade and export volumes for these products.”