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Zenith Bank Plc has renewed calls for stronger value addition, improved trade infrastructure and better access to finance as Nigeria seeks to turn rising non-oil exports into a more significant driver of economic growth.
The call was made at the 10th edition of Zenith Bank’s International Trade Seminar on Non-Oil Export, held virtually on August 25, 2026, under the theme “Unlocking Value and Harnessing Growth.”
The event brought together policymakers, regulators, exporters, manufacturers, investors and development partners from Nigeria, across Africa and beyond to examine ways of increasing the value Nigeria derives from products sold in international markets.
Non-Oil Exports Hit Record $6.1bn
Speaking at the seminar, Zenith Bank’s Group Managing Director and Chief Executive Officer, Dame Adaora Umeoji, highlighted the progress recorded in Nigeria’s non-oil export sector.
According to figures from the Nigerian Export Promotion Council (NEPC), the country’s non-oil exports reached a record $6.1 billion in 2025, representing an 11.5% increase from the $5.46 billion recorded in 2024.
The latest figure marks a substantial increase from the $612 million recorded a decade earlier.
Umeoji said the priority should now shift from simply increasing export volumes to generating greater economic value locally by processing commodities and exporting finished products.
Government Pushes for Greater Market Access
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, called for deeper reforms aimed at improving Nigeria’s trading environment and expanding access to African and international markets.
Oduwole said Nigeria must strengthen its ability to produce competitively, process more goods domestically and connect local businesses with larger markets.
She also pointed to the opportunities presented by the African Continental Free Trade Area (AfCFTA), which provides access to a continental market of more than 1.4 billion people and approximately $3.4 trillion in GDP.
Nigeria’s role as an AfCFTA digital trade co-champion, she added, could create additional pathways for Nigerian businesses to reach customers across Africa.
Finance Must Support Export Capacity
A recurring theme at the seminar was the need for financial institutions to move beyond financing individual export transactions and support the broader capacity required to compete internationally.
Oduwole urged banks to finance export capability while encouraging businesses to invest in productivity, quality and skills ahead of deeper intra-African trade.
The discussion reflects a broader challenge facing Nigerian exporters, who require not only working capital but also infrastructure, certification, logistics, market intelligence and production capacity to compete effectively in international markets.
From Raw Commodities to Finished Products
Professor Benedict Oramah, Chair of the Board of Directors of the Fund for Export Development in Africa (FEDA) and immediate past President and Chairman of Afreximbank, said Africa needs to build stronger internal markets and greater capacity to finance its own trade and industries.
He argued that the continent’s opportunity extends beyond attracting foreign capital and external demand, requiring African businesses to participate more effectively in global supply chains while developing stronger domestic and regional markets.
Similarly, Patricia Poku-Diaby, Founder and Executive Chair of Plot Enterprise Ghana Limited, stressed that economic transformation would depend increasingly on what African economies do with the commodities they produce.
She called for a shift from being suppliers of raw materials to becoming processors, manufacturers, exporters and owners of strong African brands.
AfCFTA Places Private Sector at Centre
The Secretary-General of the AfCFTA Secretariat, Wamkele Mene, said the private sector would be central to Africa’s economic restructuring.
According to Mene, the success of the continental trade agreement should ultimately be measured by how effectively businesses use it to access new markets, expand investment and increase productive capacity.
He also stressed the importance of reducing Africa’s dependence on unprocessed commodities and accelerating industrialisation and value addition.
Trade Facilitation Remains Critical
The seminar featured separate public- and private-sector panel discussions examining some of the practical obstacles confronting exporters.
The public-sector panel included representatives from NEXIM Bank, Nigeria Customs Service, Nigerian Ports Authority, Central Bank of Nigeria, Nigerian Export Promotion Council and Neroli Technologies.
Discussions focused on improving trade facilitation, customs processes, logistics, trade advocacy and access to export financing.
The private-sector panel brought together representatives from companies including Starlink Global & Ideal, Dangote Group, 3T Impex Trade Centre, Terra Aqua Environmental Consultancy, RMM Global, Psaltry International and Lelook Nigeria.
Their discussions centred on trade barriers, competitiveness, product certification, market intelligence, value addition and financing structures needed to scale non-oil exports.
Zenith Bank Marks a Decade of Export Advocacy
Zenith Bank launched its International Trade Seminar on Non-Oil Export in 2015 as a platform for promoting dialogue around Nigeria’s export potential.
Ten years later, the bank says it continues to support the sector through market opportunities, financing, incentives and other forms of assistance to exporters.
The 2026 edition attracted participants from 97 countries, with the programme streamed across Zoom, YouTube, Instagram, Facebook, X and TikTok.
The Bigger Picture
Nigeria’s record $6.1 billion in non-oil exports signals progress, but the discussions at Zenith Bank’s 10th trade seminar suggest that increasing export earnings will require more than producing larger volumes of commodities.
The focus is increasingly shifting towards processing, manufacturing, certification, logistics, financing and access to regional markets.
For Nigeria to capture a larger share of global and African trade, businesses will need the infrastructure and capital to move higher up the value chain.
The message emerging from the seminar was clear: the next stage of Nigeria’s export growth should not simply be about selling more products abroad, but about retaining more value at home before those products leave the country.
