Stakeholders Seek Value-added Exports For Economic Growth At Zenith Bank Trade Seminar

Experts and key stakeholders in Nigeria’s trade and investment sector have called for a shift from exporting raw commodities to value-added products, saying the country must retain more value from its exports to unlock sustainable economic growth.

Speaking at the 10th edition of Zenith Bank Plc’s International Trade Seminar on Non-Oil Export, themed “Unlocking Value and Harnessing Growth”, the group managing director and chief executive of the bank, Dr Adaora Umeoji, said Nigeria’s rising non-oil export figures must translate into greater economic value for the country.

Noting 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 ago, she stressed the need to translate opportunities and collective efforts into sustainable economic value.

Umeoji also commended the federal government’s economic reforms and the Central Bank of Nigeria (CBN) for measures aimed at improving foreign exchange stability and market confidence, saying “as we build on the progress recorded so far, it is important that, as a nation, we accelerate growth by creating more value locally and exporting finished products, rather than just raw materials.”

The minister of Industry, Trade and Investment, Dr Jumoke Oduwole, in her keynote address, stressed that the focus should be on retaining a greater share of the value generated by Nigerian exports. “The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export

“Our focus at the Ministry is straightforward: produce more competitively in Nigeria, process more in Nigeria, connect Nigerian businesses to bigger markets, and ensure that the financing, infrastructure and trade systems exist to help them scale.

“Nigeria’s role as an AfCFTA digital trade co-champion further positions us to help shape how this market evolves, particularly as digital trade creates new pathways for Nigerian businesses to reach customers across the continent.”

She 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.

Also speaking, the chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past president and chairman of Afreximbank, Professor Benedict Oramah, said changing global economic conditions required Africa to rethink its approach to trade, production and financing.

“The global economy is experiencing unprecedented levels of entropy. I do not raise this to alarm us. I raise it because a unique opportunity lies ahead of us that may well pave the way to Africa’s ascendance.

The question is no longer whether Africa can attract enough external capital and external demand to power its growth. The question is whether Africa, and Nigeria within it, can build her own internal demand, participate effectively in global supply chains, build the capacity to finance her own trade and industries, and create her own markets.”

The founder and executive chair of Plot Enterprise Ghana Limited, Patricia Poku-Diaby,  also speaking at the event said the future of African economies would depend increasingly on the ability of countries to transform their natural resources into finished products.

“Let us make no mistake: the future of our economy will not be determined simply by what we grow or what we mine, but by what we transform,” she said. “We need to move from being suppliers of raw materials to becoming producers, processors, manufacturers, exporters and owners of strong African brands. Our focus should be on creating more value before our products leave our shores.”

Similarly, 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, said Nigeria could unlock greater economic benefits by increasing the value of its exports.

“The trade relationship between the United Kingdom and Nigeria is one of immense importance and even greater potential. Nigeria is home to extraordinary entrepreneurial talent, innovation and creativity. One of the most promising opportunities lies not simply in increasing exports, but in increasing the value of those exports: moving further up the value chain, processing raw materials, developing branded products and creating higher-value manufactured and agricultural goods. In doing so, Nigerian businesses can unlock greater returns, create jobs and build sustainable economic growth.”

The Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, also stressed the role of the private sector in driving Africa’s industrialisation. “The private sector is at the heart of the fundamental restructuring of Africa’s economy that all of us want to see.

“The success of the AfCFTA will ultimately be measured not by how many protocols and legal instruments have been signed, but by the extent to which our private sector can leverage the AfCFTA to access new markets, scale their investment and scale their productive capacity to create jobs across the continent.”