Zenith Bank Plc has called for a shift from the export of raw commodities to value-added products as Nigeria seeks to increase earnings from the non-oil sector and strengthen its position in global and African markets.
The bank made the call at the 10th edition of its International Trade Seminar on Non-Oil Export, held virtually on Tuesday, August 25, 2026, with policymakers, regulators, exporters, manufacturers, investors and development partners participating from across Africa and beyond.
The seminar, themed “Unlocking Value and Harnessing Growth,” focused on strategies to deepen Nigeria’s non-oil export earnings through local processing, stronger value chains, improved trade infrastructure and increased access to finance.
In her welcome address, Zenith Bank’s Group Managing Director/Chief Executive Officer, Dame Adaora Umeoji, said Nigeria’s rising non-oil export figures must translate into greater domestic economic value.
Umeoji noted that Nigeria’s non-oil exports reached a record $6.1 billion in 2025, representing an 11.5 per cent increase from the $5.46 billion recorded in 2024 and a significant rise from $612 million a decade earlier.
She said the country needed to accelerate the processing and manufacturing of commodities locally rather than continue exporting predominantly raw materials.
“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,” she said.
Umeoji also disclosed that Zenith Bank, in partnership with the African Continental Free Trade Area Secretariat, had commenced development of the SMARTAfCFTA portal, while its integration with the Pan-African Payment and Settlement System was helping to facilitate cross-border transactions for customers.
She said the bank remained committed to supporting Nigerian exporters as they expand into African and international markets.
FG seeks stronger export ecosystem
The Minister of Industry, Trade and Investment, Jumoke Oduwole, said Nigeria’s focus should shift from merely increasing export volumes to retaining a larger share of the value generated from exported products.
According to her, government’s priority is to increase domestic production, expand processing and connect Nigerian businesses to larger markets.
“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 said Nigeria’s role in the implementation of the African Continental Free Trade Area offered opportunities for local businesses to access a market of more than 1.4 billion people.
The minister urged financial institutions to move beyond financing individual export transactions to supporting the development of export capacity, while encouraging businesses to invest in productivity, quality and skills.
Afreximbank seeks African-led growth
The Chair of the Board of Directors of the Fund for Export Development in Africa and immediate past President of Afreximbank, Prof Benedict Oramah, said Africa needed to build stronger domestic markets and increase its participation in global supply chains.
Oramah said the continent could no longer depend primarily on external capital and demand to drive economic growth.
He argued that African countries, including Nigeria, must develop the capacity to finance their own industries and trade while creating competitive markets.
‘Transform before exporting’
The Founder and Executive Chair of Plot Enterprise Ghana Limited, Patricia Poku-Diaby, said the future of African economies would depend largely on their ability to transform raw materials into finished and higher-value products.
She urged Nigeria and other African countries to move from being suppliers of commodities to becoming producers, processors, manufacturers and owners of strong African brands.
Similarly, the UK Minister of State at the Ministry of Housing, Communities and Local Government, Florence Eshalomi, represented by Mujina Kaindama, said Nigeria had significant opportunities to increase the value of its exports to the United Kingdom and other markets.
She highlighted the potential of processed agricultural products, manufactured goods and branded Nigerian products to generate higher returns, create jobs and support sustainable economic growth.
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AfCFTA places private sector at centre
The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, said the private sector would remain central to Africa’s economic transformation.
Mene said the success of AfCFTA would ultimately depend on whether African businesses could use the agreement to access new markets, expand production and create jobs.
He commended Zenith Bank for sustaining its non-oil export advocacy through the annual seminar.
The event also featured public and private sector panel sessions, with participants examining challenges around customs procedures, logistics, certification, financing, market intelligence, trade facilitation and competitiveness.
The public sector panel included representatives of the Nigerian Export-Import Bank, Nigeria Customs Service, Nigerian Ports Authority, Central Bank of Nigeria, Nigerian Export Promotion Council and other institutions.
Private sector participants included representatives of Starlink Global & Ideal Limited, Dangote Group, 3T Impex Trade Centre, Terra Aqua Environmental Consultancy, RMM Global Company, Psaltry International and Lelook Nigeria Limited.
Launched in 2015, the Zenith Bank International Trade Seminar on Non-Oil Export has become an annual platform for discussions on Nigeria’s export diversification agenda.
The 2026 edition attracted participants from 97 countries, according to the organisers, with discussions centred on how Nigerian businesses can secure financing, improve competitiveness, access new markets and move higher up global value chains.
