International Trade Seminar: Zenith Bank rallies Business Leaders behind Value Addition in Nigeria's Non-Oil Exports

Zenith Bank Plc hosted the 10th edition of its International Trade Seminar on Non-Oil Export on Tuesday, 25 August 2026, marking a decade of sustained advocacy for the diversification of Nigeria’s economy. The virtual event brought together policymakers, regulators, exporters, manufacturers, investors and development partners from across Africa and beyond, all focused on one question: how Nigeria can earn more from what it sells to the world.

Held under the theme “Unlocking Value and Harnessing Growth”, the seminar examined how Nigeria can move beyond exporting raw commodities to building competitive value chains, strengthening trade infrastructure and financing, and deepening the sector’s contribution to sustainable economic growth.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Adaora Umeoji, paid tribute to the Bank’s Founder, Jim Ovia, whose vision gave birth to the seminar in 2015, and urged participants to turn Nigeria’s improving export numbers into lasting economic value.

In her words: “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. According to the Nigerian Export Promotion Council, Nigeria’s non-oil exports reached a record $6.1 billion in 2025, up 11.5 per cent from the $5.46 billion recorded in 2024, and a remarkable leap from the $612 million recorded a decade earlier. Through our partnership with the African Continental Free Trade Area Secretariat, we have commenced the development of the SMARTAfCFTA portal, and our integration with the Pan-African Payment and Settlement System is making cross-border business easier for our customers. Wherever our exporters need to reach, Zenith Bank will reach with them.”

She commended President Bola Tinubu, for the structural reforms creating a more enabling environment for businesses, and the Central Bank of Nigeria, under Governor Olayemi Cardoso, for reforms that have improved foreign exchange stability and market confidence.

“As we build on the progress recorded so far,” she added, “it is important that, as a nation, we accelerate growth by creating more value locally and exporting finished products, rather than just raw materials.”

Delivering the keynote address, the Minister of Industry, Trade and Investment, Jumoke Oduwole, called for deeper trade and investment reforms, a better export environment and wider market access within Africa and beyond.

“The question before us now is not simply how to export more, but how to retain more value in Nigeria from everything we export,” she said.

“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. In July, I assumed the chair of the AfCFTA Council of Ministers, and I see at first hand that the opportunity before us goes beyond the size of the African market of over 1.4 billion people and approximately $3.4 trillion in GDP. It is about enabling Nigerian firms to sell more products, reach more markets and deepen regional value chains. 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 go beyond financing export transactions to financing export capability, and encouraged Nigerian businesses to prepare for intra-African trade by investing in productivity, quality and skills.

In his presentation, 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, argued that the moment demands new thinking.

“The theme chosen for this 10th edition is both apt and timely,” he said.

“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.”

He commended Zenith Bank and its leadership for advancing Nigeria’s non-oil export agenda over the past decade.

The Founder and Executive Chair of Plot Enterprise Ghana Limited, Patricia Poku-Diaby, made the case for transformation plainly.

“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.”

Speaking on the Nigeria-United Kingdom trade relationship, the UK Minister of State at the Ministry of Housing, Communities and Local Government, Florence Eshalomi, represented by Mujina Kaindama, Head of Trade Policy for UK Business, Innovation, Science and Trade, commended the Bank for the platform.

“The trade relationship between the United Kingdom and Nigeria is one of immense importance and even greater potential,” she said.

“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 Secretariat, Wamkele Mene, placed the private sector at the centre of the continent’s economic restructuring.

“The private sector is at the heart of the fundamental restructuring of Africa’s economy that all of us want to see,” he said.

“The seminar Zenith Bank has convened strikes at the heart of that objective: reducing the reliance of exports on unprocessed commodities and accelerating industrialisation and value addition in Africa. 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.”

The seminar featured two panel sessions. The public sector panel brought together  Abubakar Bello, Managing Director of the Nigerian Export-Import Bank (NEXIM), represented by Hope Nyongo, Technical Adviser;  Adewale Adeniyi, Comptroller-General of the Nigeria Customs Service; Abubakar Dantsoho, Managing Director/CEO of the Nigerian Ports Authority, represented by Adebowale Lawal, Ports Manager, Lagos Ports Complex; Aderinola Shonekan, Director, Trade and Exchange Department, Central Bank of Nigeria; Nonye Ayeni, Executive Director/CEO of the Nigerian Export Promotion Council; and Adekunle Ajai, General Manager, Neroli Technologies. The panellists committed to improving trade facilitation, customs efficiency, logistics reform, trade advocacy and exporters’ access to funding.

The private sector panel featured Adeniji Adeyemi, MD/CEO of Starlink Global & Ideal Limited; Sada Ladan-Baki, Group Executive Director, International Trade and Export, Dangote Group; Bamidele Ayemibo, Senior Consultant, 3T Impex Trade Centre; Mobolaji Salako, Managing Director, Terra Aqua Environmental Consultancy Nigeria Limited; Ramzi Taher, Managing Director, RMM Global Company Limited; Oluyemisi Iranloye, Founder/Managing Director, Psaltry International; and Chinwe Ezenwa, MD/CEO, Lelook Nigeria Limited.

Their discussions centred on trade barriers, value creation and addition, competitiveness, product certification, market intelligence and the structured financing needed to scale non-oil exports.

The Zenith Bank International Trade Seminar on Non-Oil Export was launched in 2015 to drive dialogue and action around Nigeria’s non-oil export potential. Ten years on, the Bank continues to champion the sector’s growth by opening up market opportunities and backing exporters with financing, incentives and practical support.

The 2026 edition streamed live on Zoom, YouTube, Instagram, Facebook, X and TikTok, drawing thousands of participants from 97 countries. The tenth edition closed the way the first began a decade ago: with a commitment to give Nigerian businesses the tools, partnerships and capital they need to compete in regional and global markets.

Credit Zenith Bank PR

Nigeria's Economy back on track, says Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, says Nigeria’s economy has stabilised.

Oyedele started this on Thursday while briefing State House correspondents after the 158th meeting of the National Economic Council (NEC) in Abuja.

He, however, said the priority was now to transform economic stability into shared prosperity for Nigerians.

“Our real Gross Domestic Product growth rate was 3.89 per cent for Q1 of 2026, up from 3.13 per cent one year ago,” he said.

Oyedele projected that Nigeria’s GDP growth rate would exceed four per cent in 2026, reflecting continued improvement in economic activity.

He said inflation had also declined significantly, reaching 15.43 per cent at the end of July, compared with 24.94 per cent a year earlier.

According to Oyedele, Nigeria’s trade surplus nearly doubled from N17.7 trillion in 2025 to N34.7 trillion by the first quarter of 2026.

He said public debt remained moderate at 13.7 per cent of GDP, amounting to N159.28 trillion.

“Debt service as a percentage of revenue is on the decline, from nearly 100 per cent as of 2022 to less than 60 per cent as of 2025,” he said.

Oyedele said the economic progress was also reflected in improved assessments by international market rating agencies.

“This is also part of the recognition by the market rating agencies,” he said.

He said Fitch Ratings, Moody’s and S&P had all upgraded Nigeria’s sovereign credit rating between April 2025 and May 2026.

“The first coordinated alignment in over a decade. So, they all agree,” Oyedele said.

The minister said Nigeria also exited the Financial Action Task Force (FATF) grey list in October 2025.

He added that the country exited the European Union’s anti-money laundering and counter-terrorist financing deficiency list in January 2026.

According to him, the developments would reduce costs and friction associated with cross-border capital flows into Nigeria.

Oyedele also announced Nigeria’s reclassification from an unclassified market to a frontier market.

“Nigeria has now been reclassified to frontier market. This is good news for us as a country,” he said.

He said the reclassification presented opportunities for Nigeria to accelerate economic growth and lift more citizens out of poverty.

“We see opportunities ahead for the country, especially how we accelerate growth and lift our people out of poverty,” Oyedele said.

He said NEC identified agriculture, energy, manufacturing, mining and the digital economy as priority sectors for accelerated development.

Oyedele said 81.4 per cent of Nigerians worked in agriculture and non-tradable services, requiring greater attention to those sectors.

“Council deliberated that there is a need for us to accelerate growth in these sectors where majority of our people work,” he said.

He said stronger growth in those sectors would help reduce poverty and narrow the inequality gap across the country.

“That way, we lift them out of poverty and we close the inequality gap,” Oyedele said.

The minister, however, acknowledged that significant challenges remained and required coordinated efforts from the government and other stakeholders.

“Key areas identified include geopolitical conflict, commodity shocks, persistent food inflation and the need to manage election cycle fiscal risk,” he said.

Oyedele also highlighted the need to address negative pre-election narratives and ensure economic perceptions remained supported by available data.

He said the government must focus on creating jobs while managing Nigeria’s vulnerability to foreign-exchange shocks.

“There is a tendency to be negative pre-election, even though it is not supported by data, to ensure there is job-rich growth,” he said.

He added that managing foreign-exchange vulnerability would remain essential to sustaining economic stability and translating current gains into broader prosperity.

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How we played into the Hands of Incompetent Benin-Asaba Expressway Contractor - Minister

The Minister of Works, David Umahi, has appealed to the Benin-Asaba Expressway Concession Company (BAECC) to allow the Federal Government to engage a competent contractor to complete the Benin section of the road.

Umahi made the appeal on Thursday in Benin at a stakeholders’ meeting with the concessionaire.

He said the intervention had become necessary because of the poor handling of the project and the hardship experienced by motorists.

The minister said BAECC lacked the technical capacity and competent manpower required to execute and complete the project within the stipulated timeframe and contractual specifications.

“I want the public to know that by the concession agreement, we played into the hands of the concessionaire,” Umahi said.

He urged the concessionaire to immediately remove all blockages on the highway to restore the free flow of traffic.

Umahi also asked BAECC to formally write to the Federal Government through the Ministry of Works, indicating its willingness to terminate the concession agreement.

“We are therefore pleading with you to give us written approval to proceed and bring a competent contractor to do the job.

“With this poor job, we don’t see you as having the capacity to do the work,” he said.

The minister directed that the concessionaire be removed from the project site within the limits of the government’s rights under the agreement.

“Therefore, our directive going forward is that you should be removed from the site of this project, within the limits of our rights.

“You have added no value to the project,” he said.

Umahi said the ministry would write to the Independent Engineer to obtain measurements of all work executed, excluding what he described as “negative work”.

He clarified that the ministry had not stopped BAECC from working, but said allowing the concessionaire to continue under the current circumstances could worsen the situation and create the potential for public disorder.

The minister said BAECC could alternatively allow the government to engage a competent contractor to complete the project, after which the concessionaire could be given the right of first refusal to re-toll the road and recoup its investment.

Also speaking, the Director of Highway Planning, Ministry of Works and Technical Lead, Project Delivery Team for the HDMI Project, Ebere Izunobi, attributed some of the project’s challenges to BAECC’s failure to comply with instructions from supervising officials.

Izunobi also alleged that the concessionaire used unqualified staff and engineers and unsuitable materials in executing the project, contributing to the poor quality of work.

Allwell Onyesoh, a member of the Senate Committee on Works, said those responsible for introducing the concession arrangement to the country had not served Nigeria well.

“The concessionaires and whoever pushed for this concessionaire did not mean well for Nigeria, and this is a big lesson about concessionaires in Nigeria,” he said.

According to him, not every concessionaire possesses the capacity required to execute projects of such magnitude.

Earlier, the BAECC Chief Executive Officer, Samuel Daramola, appealed to the ministry to allow the company to continue with the project.

Daramola said the company had secured funds and upgraded its equipment and technical personnel, assuring that it could complete the project as scheduled.

“We don’t want to put money in the drain. We have upgraded our technical staff and we want the ministry to allow us to continue the project,” he said.

The Head of Legal and Compliance, BAECC, Peterson Fabian, urged stakeholders to allow more time for further consultations on possible solutions.

“Every stakeholder here, do allow us to have more time to engage. I believe that we will have more pathways forward to further collaborate,” Fabian said.

Governor Monday Okpebholo of Edo State described the state of the Benin-Asaba road as a waste of resources, given the period already spent on the project.

“What we are seeing now is not what I should be seeing at this point after 16 months.

“Nothing has been done. To me, it is a total waste of resources,” Okpebholo said.

He urged the Minister of Works to take necessary action and find lasting solutions to the condition of the highway to ease the hardship experienced by motorists and other road users.

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