• Stakeholders demand value addition, stronger financing, trade reforms and wider African market access
Zenith Bank Plc has marked the 10th anniversary of its International Trade Seminar on Non-Oil Export with a renewed call for Nigeria to move beyond the export of raw commodities and build globally competitive value chains that can drive sustainable economic growth.
The virtual seminar, held on Tuesday, August 25, 2026, under the theme “Unlocking Value and Harnessing Growth,” brought together policymakers, regulators, exporters, manufacturers, investors and development partners from Africa and beyond to examine strategies for boosting Nigeria’s non-oil exports and retaining more value within the domestic economy.
In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, commended the Bank’s Founder, Dr. Jim Ovia, CFR, whose vision led to the establishment of the seminar in 2015.
She noted that Nigeria’s non-oil exports reached a record $6.1 billion in 2025, representing an 11.5 per cent increase over the $5.46 billion recorded in 2024 and a significant rise from $612 million a decade ago.
According to her, the growth provides an opportunity for Nigeria to deepen local value addition and transform export gains into sustainable economic prosperity.
“Our theme, ‘Unlocking Value and Harnessing Growth’, is not just a slogan. It speaks to the opportunities before us and the need to translate our collective efforts into sustainable economic value,” Umeoji said.
She disclosed that Zenith Bank, in partnership with the African Continental Free Trade Area (AfCFTA) Secretariat, had commenced development of the SMARTAfCFTA portal, while the Bank’s integration with the Pan-African Payment and Settlement System (PAPSS) was helping to make cross-border transactions easier for customers.
She added that Zenith Bank would continue to support Nigerian exporters in accessing regional and international markets.
Umeoji also commended President Bola Ahmed Tinubu for reforms aimed at creating a more business-friendly environment and the Central Bank of Nigeria under Governor Olayemi Cardoso for measures she said had improved foreign exchange stability and market confidence.
She, however, urged the country to accelerate the shift from exporting raw materials to producing and exporting finished and higher-value products.
Delivering the keynote address, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, called for deeper trade and investment reforms, improved export infrastructure and greater access to markets across Africa and beyond.
She said Nigeria’s priority should no longer be merely to increase export volumes but to ensure that a larger share of the economic value generated from exports remains within the country.
“The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export,” Oduwole said.
She identified increased domestic production, processing, market access, financing, infrastructure and efficient trade systems as critical to enabling Nigerian businesses to compete successfully.
Oduwole, who disclosed that she assumed the chairmanship of the AfCFTA Council of Ministers in July, said the continental agreement offered Nigerian businesses access to a market of more than 1.4 billion people and an economy estimated at about $3.4 trillion.
She also highlighted Nigeria’s role as an AfCFTA digital trade co-champion, saying digital commerce could create new opportunities for Nigerian businesses to reach customers across Africa.
The minister urged financial institutions to move beyond financing individual export transactions to financing the broader capacity required for businesses to become competitive exporters.
Also speaking, the Chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past President/Chairman of Afreximbank, Professor Benedict Oramah, GCON, said Africa must rethink its approach to trade, industrialisation and economic development.
According to Oramah, the continent must strengthen internal demand, participate more effectively in global supply chains, develop the capacity to finance its own trade and industries, and create stronger home-grown markets.
He commended Zenith Bank for sustaining the International Trade Seminar and its advocacy for Nigeria’s non-oil export sector over the past decade.
Similarly, the Founder and Executive Chair of Plot Enterprise Ghana Limited, Mrs Patricia Poku-Diaby, stressed that Nigeria’s economic future depends on transforming its raw materials into higher-value products.
She called for a shift from being suppliers of commodities to becoming producers, processors, manufacturers, exporters and owners of strong African brands.
On Nigeria-United Kingdom trade relations, the UK Minister of State at the Ministry of Housing, Communities and Local Government, Rt. Hon. Florence Eshalomi, MP, represented by Ms Mujina Kaindama, Head of Trade Policy for UK Business, Innovation, Science and Trade, described the bilateral trade relationship as one with significant potential.
She urged Nigerian businesses to move up the value chain by processing raw materials, developing branded products and producing higher-value agricultural and manufactured goods.
The Secretary-General of the AfCFTA Secretariat, His Excellency Wamkele Mene, said the private sector remained central to Africa’s economic transformation.
He noted that the success of AfCFTA would ultimately be determined by the ability of African businesses to use the agreement to access new markets, expand investments and production, and create jobs.
The seminar featured two major panel sessions involving leading public- and private-sector stakeholders.
The public-sector panel examined trade facilitation, customs efficiency, logistics, trade advocacy and access to funding, while the private-sector session focused on trade barriers, value addition, competitiveness, product certification, market intelligence and structured financing.
Participants included representatives of the Nigerian Export-Import Bank (NEXIM), Nigeria Customs Service, Nigerian Ports Authority, Central Bank of Nigeria, Nigerian Export Promotion Council, Neroli Technologies, Dangote Group, Starlink Global & Ideal Limited, 3T Impex Trade Centre, Terra Aqua Environmental Consultancy Nigeria Limited, RMM Global Company Limited, Psaltry International and Lelook Nigeria Limited.
Launched in 2015, the Zenith Bank International Trade Seminar on Non-Oil Export has become a major platform for dialogue on Nigeria’s export diversification agenda, bringing together stakeholders to identify opportunities, address bottlenecks and strengthen the capacity of businesses to compete internationally.
The 2026 edition, streamed live across Zoom, YouTube, Instagram, Facebook, X and TikTok, attracted thousands of participants from 97 countries.
As the seminar enters its second decade, Zenith Bank reaffirmed its commitment to supporting Nigerian businesses with market opportunities, financing, incentives and practical solutions capable of transforming the country’s non-oil export sector into a stronger engine of economic growth.
Categories: News