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Tag: African Continental Free Trade Area (AfCFTA) Secretariat

  • Afreximbank renews partnership with African Association of Automotive Manufacturers (AAAM) to promote industrialisation of Africa’s automotive sector

    Afreximbank renews partnership with African Association of Automotive Manufacturers (AAAM) to promote industrialisation of Africa’s automotive sector

    …The Africa Automotive Show held at IATF2025 brought together players in the automotive sector, including manufacturers, subcontractors and equipment manufacturers

    The African Export-Import Bank (Afreximbank) has renewed its memorandum of understanding (MoU) with the African Association of Automotive Manufacturers, harmonising efforts to promote Intra-African trade and investment in the continent’s automotive sector.

    The MoU was signed on the sidelines of the recently concluded Intra-African Trade Fair 2025 (IATF2025) in Algiers, Algeria by Dr. Gainmore Zanamwe, the Director of Trade Facilitation and Investment Promotion at Afreximbank, and Ms. Martina Biene, President of AAAM. Its key pillars are regional automotive value chains, automotive financing, and policy and capacity building.

    Speaking during the signing ceremony, Dr Zanamwe expressed Afreximbank’s commitment to support development of the automotive sector in Africa.

    He added: “This MoU underscores the commitment of Afreximbank and AAAM to strengthen Africa’s industrialisation goals through strategic partnerships. By aligning financial innovation, policy support, and value chain development within the automotive sector, we are fostering a new era of intra-African trade and manufacturing. Our commitment to this initiative demonstrates how Afreximbank’s resources and expertise can transform continental aspirations into tangible economic outcomes.”

    He stated that the MoU is expected to catalyse industrialisation by spurring local automotive manufacturing, strengthen regional integration, improve trade flows, create skilled jobs and reduce reliance on the import of second-hand vehicles across Africa.

    “Afreximbank has been a phenomenal partner in our quest to drive growth and industrialisation of the automotive industry on the continent. We are pleased with the renewal of the MoU. Logistics, energy, skills development and financing mechanisms must keep pace with our ambitions. Afreximbank’s leadership is critical in this regard, but so too is the commitment of our governments to invest in infrastructure that connects factories to markets,” said Ms Biene, President of AAAM.

    The revitalised framework aligns AAAM’s strategic expansion ambition by positioning it to take advantage of Afreximbank’s continental reach and trade-promotion mandate. It fosters coordinated efforts to map and activate regional value chains, deploy auto-specific financing solutions and strengthen national and continental automotive policy environments. It also envisages collaboration with institutions, like the African Union, the African Continental Free Trade Area (AfCFTA) Secretariat and African Organisation for Standardisation (ARSO), in order to enhance trade facilitation, capacity building, harmonised standards and mobilisation of blended financing to catalyse industrialisation and sustainable growth in Africa’s automotive sector.

    “We must unite with key stakeholders to enable affordable mobility in Africa. The implementation of affordable vehicle and asset financing will unlock the potential the continent has. Despite challenges, the opportunities are immense. With coordinated action, Africa can manufacture at least between 3.5 and 5 million vehicles annually by 2035 – creating jobs for our youth, strengthening local supply chains, and ensuring that the benefits of industrialisation are shared across our continent,” Ms. Biene added.

    The Africa Automotive Show held at IATF2025 brought together players in the automotive sector, including manufacturers, subcontractors and equipment manufacturers. It aimed to promote African potential in automotive manufacturing and strengthen regional supply chains. Hosted in collaboration with AAAM, the show focused on development of regional automotive supply chains within the whole of Africa.

    Attended by more than 112,000 visitors from 132 countries, IATF2025, which took place from 4 to 10 September, ended on a remarkably high note with US$48.3 billion in trade and investment deals signed over the seven days of the continental exposition. It welcomed 2,148 exhibitors.

  • African economies urged to invest in research for industrial transformation

    African economies urged to invest in research for industrial transformation

    …While Africa accounts for less than 3% of global research output, it bears a disproportionately higher share of global challenges

    African economies have been challenged to boost their investment in research to power the continent’s industrial transformation by accelerating development of homegrown innovations that reinforce autonomy, sustainability, and technological sovereignty.

    Speaking during the official launch of the African Research and Innovation Hub (ARIH) on the sidelines of the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers, the Group Chief Economist and Managing Director for Research at the African Export-Import Bank (Afreximbank), Dr. Yemi Kale noted that while Africa accounts for less than 3% of global research output, it bears a disproportionately higher share of global challenges.

    “Even more concerning, our research and development spending averages under 0.5% of GDP, far below the global average of 2.2% and far less than the over 4% invested in countries such as South Korea and Israel. However, history shows us that deliberate investment in research ecosystems has been the foundation of industrial transformation. Sustained competitiveness requires research, innovation, and the industrial capacity to transform ideas into products and services that can stand at the frontier of global markets,” Dr Kale said.

    The hub is a joint initiative of Afreximbank, the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat that aims to promote and commercialise African research and innovation. It provides a platform for academics, researchers, and students to contribute their knowledge and expertise towards advancing Intra-African trade and industrialisation.

    “ARIH’s mission is to transform intellectual capital into industrial competitiveness and trade-led growth. Studies indicate that if Africa merely doubles its R&D spending to 1% of GDP by 2030, we could unlock an estimated $60–70 billion annually in additional value across agriculture, digital technology, and manufacturing. This would boost productivity, reduce import dependence, and expand Africa’s share of global trade,” Dr Kale argued.

    Throughout IATF2025, ARIH is running sessions bringing together participants from academia, enterprise, policymakers and investors. Besides the co-convenors, Algeria’s Ministry of Higher Education is providing technical coordination for the sessions that include roundtables and pitch sessions for innovative projects and startups. University lecturers and students, as well as scientists and researchers affiliated with National Research Institutions from Africa, and the Diaspora including the Caribbean, have the opportunity to showcase their innovative research and scientific prototypes.

    Hosted by the People’s Democratic Republic of Algeria, IATF2025 is co-convened by Afreximbank, the African Union Commission and the AfCFTA Secretariat, and is projected to facilitate trade and investment deals worth over US$44 billion. IATF is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. IATF aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. The ongoing IATF2025 is in its fourth edition with the last three editions of IATF cumulatively generating over $118 billion in trade and investment deals and attracting more than 70,000 visitors and 4,500 exhibitors.

  • Karavan Press bags Creative Africa Nexus (CANEX) Book Factory Prize for Publishing in Africa 2025

    Karavan Press bags Creative Africa Nexus (CANEX) Book Factory Prize for Publishing in Africa 2025

    …Karavan Press was recognised for its book In Silence My Heart Speaks by Thobeka Yose, winning the $20,000 top prize

    Karavan Press, an independent publisher based in Cape Town, South Africa is the winner of the 2025 edition of the CANEX Book Factory Prize for Publishing in Africa that celebrates and recognises outstanding contributions of African publishers and authors to the literary world.

    Karavan Press was recognised for its book In Silence My Heart Speaks by Thobeka Yose, winning the $20,000 top prize. The Prize was presented by Algeria’s Minister of Culture and Arts Azzedine Mihoubi during an award ceremony held during the ongoing Intra-African Trade Fair 2025 (IATF2025) in Algiers. Finalists received $2,000 each.

    The Prize is a joint initiative of the Creative Africa Nexus (CANEX), an intervention by African Export–Import Bank (Afreximbank) in partnership with Narrative Landscape Press Limited. It aims to showcase the literary and publishing value chain in Africa and developing literary talent across the continent and the Diaspora.

    “Through the CANEX Book Factory Prize for Publishing in Africa, we continue to strengthen Africa’s creative economy by elevating publishers and amplifying African narratives to global audiences. Besides the Prize, we deliver a Pan-African writing workshop, and e-newsletter highlighting African literature, to spotlight and elevate the African book value chain,” said Afreximbank’s Director for Intra African Trade and Export Development (Creatives and Diaspora), Temwa Gondwe.

    Now in its second year, the Prize attracted over 80 submissions from across the continent, reflecting the diversity and vitality of African storytelling. Publishers submitted trade books published for a general audience and widely available through libraries and bookstores. The entries spanned fiction, non-fiction, and poetry, in hardcover and paperback, with an emphasis on works printed and published on the continent and written in indigenous languages. Entries could be in one or more of the official languages of the African Union: Arabic, English, French, Portuguese, Spanish, Swahili, and any other African language. Submissions were judged on the quality of writing, editing and production.

    The jury comprised Dr. Boukenna Abdelaziz, Professor of History at Algiers University; Lavaille Lavette, President of JVL Media; and Prof. Egara Kabaji, Professor of Literary Communication at Masinde Muliro University of Science and Technology. The jury lauded the outstanding quality of writing, editing, and production.

    The Prize is one of the activities under the CANEX Book Factory, an annual programme of events under Afreximbank’s CANEX initiative culminating in the awards ceremony. Last year, Cassava Republic Press (Nigeria) won the top prize during the inaugural edition of the CANEX Book Factory Prize for Publishing in Africa for the book Female Fear Factory: Unveiling Patriarchy’s Culture of Violence by Pumla Dineo Gqola.

    CANEX at IATF is billed as the largest gathering of creatives from Africa and the Diaspora across value chains of diverse creative and cultural industries from film, music, and fashion to culinary arts, sports, and visual arts amongst others. The weeklong summit has convened continental and global players to showcase and exhibit their goods and services, and to explore business and investment opportunities within the rapidly expanding creative economy. It is being held as part of IATF2025, hosted by the People’s Democratic Republic of Algeria and co-convened by Afreximbank, the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat. The weeklong event is projected to facilitate trade and investment deals worth over US$44 billion.

    IATF is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. IATF aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. The ongoing IATF2025 is its fourth edition with the last three editions of IATF cumulatively generating over $118 billion in trade and investment deals and attracting more than 70,000 visitors and 4,500 exhibitors

  • Afreximbank launches new entity to promote large scale trade in value-added goods

    Afreximbank launches new entity to promote large scale trade in value-added goods

    …On the margins of the official launch ceremony, ATDC signed deals with several firms across the continent spanning logistics, minerals, agricultural produce, among others

    African Export-Import Bank (Afreximbank) has launched the African Trade and Distribution Company (ATDC) to catalyse large scale trade in raw materials, minerals and value-added products from across Africa. 

    Afreximbank, through the Fund for Export Development in Africa (FEDA), established ATDC in collaboration with Arise Integrated Industrial Platforms (Arise IIP), Equitane DMCC and the African Continental Free Trade Area (AfCFTA) Secretariat. The new entity has already secured a US$1 billion funding pledge from Afreximbank to invest in the aggregation of value-added goods, support logistics and distribution networks, as well as finance its subsidiaries’ business operations.  

    The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, officiated the operational launch of ATDC during the ongoing Intra-Africa Trade Fair 2025 (IATF2025) in Algiers, Algeria. The Acting Prime Minister of the People’s Democratic Republic of Algeria, H.E. Sifi Ghrieb, and other heads of government and ministers from African and Caribbean countries were present. 

    Also unveiled during the launch was ATDC’s flagship subsidiary, ATDC Minerals (ATMIN), dedicated to trading and financing minerals and hydrocarbons.  

    Prof. Benedict Oramah said: “Africa is rich in resources; but historical dynamics have skewed our trade outwards. Traditionally, the continent has relied on others to add value to its commodities and minerals as well as to trade them. Through ATDC and ATMIN, we aim to close the loop and to take back control of how our commodities and minerals in global Africa are produced and traded across value chains by integrating them in local economies to benefit more people.”  

    On the margins of the official launch ceremony, ATDC signed deals with several firms across the continent, spanning logistics, minerals, and agricultural produce, among others. These include: a collaboration with Arise Integrated Industrial Platforms (ARISE IIP) to supply feedstock to its operating companies in various special economic zones; a co-investment partnership with BSMART Technology Limited to establish digitally integrated logistics hubs in key African ports; trade repos with Export Trading Group (ETG), KK Kingdom Nigeria Limited and Sunbeth Global Concepts Limited. ATDC also agreed on terms for joint ventures with CBZ Holdings and Nigeria Commodity Exchange for setting up national ATDCs in Zimbabwe and Nigeria, respectively. At the same time, ATMIN announced landmark deals to the tune of about US$3 billion, which included oil lifting arrangements with the Nigeria National Petroleum Company Limited and Roxzen Nigeria Limited.  

    Speaking during the event, the CEO of ATDC, Abdul Aziz Ba said: “We look forward to cultivating a robust trading ecosystem across Africa that integrates with global markets for shared prosperity through impactful partnerships and effective logistics. Through this, we will transform Intra-African trade by driving the continent’s transition from export of raw materials and minerals to value added products and last mile distribution. ATDC is investing in expanding production and processing capacity, establishing connections across regional value chains and to markets, and delivering effective distribution channels”.  

    The CEO of ATMIN, Ajay Oommen noted: “ATMIN is committed to supporting the monetisation of Africa’s abundant fossil fuel resources ahead of the global energy transition. We aim to foster stronger Intra-African trade, drive value addition, and streamline supply chains to ensure that a significant share of this value is retained within the continent.”  

    IATF2025 is ongoing until September 10, 2025. It is the fourth edition of IATF, the biennial event co-convened by Afreximbank, the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat and hosted by the People’s Democratic Republic of Algeria. The last three editions of IATF have cumulatively generated over $118 billion in trade and investment deals and attracted more than 70,000 visitors and 4,500 exhibitors. IATF is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. It aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. 

  • Sanwo-Olu Hails the Nomination of Lagos State as Intra-African Trade Fair (IATF) Host City in 2027

    Sanwo-Olu Hails the Nomination of Lagos State as Intra-African Trade Fair (IATF) Host City in 2027

    Lagos State, Nigeria, has been nominated by the African Export-Import Bank (Afreximbank), in collaboration with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat, as the host city for the 2027 Intra-African Trade Fair (IATF). The nomination marks a historic moment for the country and the West African sub-region.

    Responding to the announcement in Algiers on Friday, Lagos State Governor, Babajide Sanwo-Olu said the choice of Lagos underscores Nigeria’s pivotal role in Africa’s economic integration and the state’s status as a major commercial and financial hub.

    His words: “We are very excited about the choice of Lagos for 2027 edition of this important fair. But we are not surprised because it is a reflection of our resilience, our strength and our commitment to the Greater Lagos journey as illustrated by our T.H.E.M.E.S Plus Agenda. We are striving towards making Lagos a global financial hub; this will definitely boost our efforts.

    “We have just successfully hosted GITEX, the global tech expo and, in a few days, we will be hosting the spectacular E1 electric boat race, the first in Africa, which will put us in the company of leading cities, such as Monaco, Jeddah and others. We keep making history. It is the Spirit of Lagos at work.”

    Sanwo-Olu described the nomination as a vivid acknowledgment of the State’s commitment to President Bola Ahmed Tinubu’s Renewed Hope Agenda, which has impacted positively Nigeria’s economy.

    “It is a lot of work. I assure all would-be participants that we will have a great outing here in Africa’s most populous city, the continent’s second largest city economy. Lagos is, indeed, proud of this honour. On behalf of the government and the great people of Lagos, I thank the organisers for bestowing this honour on us, he said.”

    According to the Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Kaosarat Bada Ambrose, the news of the hosting of IATF – the continent’s premier trade and investment event, held every two years to promote intra-African trade and accelerate the implementation of the AfCFTA, is a proud moment for Lagos and for Nigeria. The opportunity is a strategic milestone for Nigeria and West Africa in boosting continental trade integration.

    “Hosting the IATF 2027 positions us at the forefront of Africa’s trade future and reaffirms our commitment to fostering regional collaboration, investment, and innovation. It is particarly in line with the Lagos State Development Plan 2052 being implemented Mr. Governor, Babajide Sanwo-Olu’s administration. We are ready to welcome Africa and the world to our vibrant city.

    “With a population of over 23 million, strategic coastal access, and a diverse, entrepreneurial economy, Lagos offers the ideal setting for trade, dialogue, and business partnerships that will shape the future of Africa. The fair is expected to attract over 1,600 exhibitors, 35,000 visitors, and generate billions of dollars in trade and investment deals.”

    The Commissioner listed key highlights of Lagos’ nomination to include strategic economic position – Nigeria is Africa’s largest economy and most populous nation, with Lagos as its economic nerve center; gateway to West Africa – the city offers unmatched access to West African markets, with a rapidly modernising infrastructure and international connectivity; and commitment to AfCFTA – hosting the IATF 2027 will accelerate Nigeria’s efforts in deepening intra-African trade and positioning local industries for continental competitiveness.l

    Mrs Ambrose affirmed that the choice of Lagos reflects Africa’s confidence in Nigeria’s leadership and Lagos State’s readiness to deliver an impactful event that will leave a legacy beyond 2027.

    “The Lagos State Government, in partnership with the Federal Government of Nigeria, Afreximbank, the African Union, and the AfCFTA Secretariat, will commence preparations to deliver a world-class trade fair, with infrastructure development, logistics, security, and hospitality among top priorities,” she said.

    According to her, as Africa continues to build toward an integrated, borderless trade environment, IATF 2027 in Lagos will serve as a defining platform to unlock new markets, strengthen business ties, and drive sustainable growth across the continent.

    Mrs Ambrose is leading the first delegation of 20 SMEs out of 253 trained under Lagos State Export Readiness Programme, LASERP, approved by Mr. Governor to this year’s edition of IATF in Algiers. HC Mrs. Ambrose also delivered the keynote opening address at the SME Pavilion for Africa whilst also participating in the Nigeria Pavillion at the event that kicked-off this Saturday.

  • Nigeria to host the Intra-African Trade Fair in 2027

    Nigeria to host the Intra-African Trade Fair in 2027

    …The last three editions of IATF have cumulatively generated over $118 billion in trade and investment deals and attracted more than 70,000 visitors and 4,500 exhibitors

    After a rigorous bid and due diligence exercise, Nigeria has emerged as the successful host country of the fifth edition of the Intra-African Trade Fair (IATF), Africa’s premier trade and investment event that is set to be held in 2027. 

    This was announced by the Chairman of the IATF Advisory Council who is also a former President of the Federal Republic of Nigeria, H.E. Chief Olusegun Obasanjo during the official opening ceremony of the fourth edition of the fair, IATF2025 that is currently underway in Algiers, Algeria.  

    Presenting the IATF host’s flag to Nigeria’s Minister of Industry, Trade and Investment, Dr Jumoke Oduwole as formal acceptance of the mandate as host country of IATF2027, H.E. Obasanjo said: “IATF is not just a trade fair—it is a journey across our continent and global Africa, carried forward by nations that share in the vision of Intra-African trade and regional integration. Since its inception, IATF has rotated across our continent, leaving its unique legacy and improving with each host nation. Today, we continue this proud tradition by announcing Nigeria as the country that will host IATF2027.” 

    The weeklong IATF is held every two years and is co-convened by African Export-Import Bank (Afreximbank), the African Union Commission and the African Continental Free Trade Area (AfCFTA) Secretariat. It is a platform for businesses to showcase their goods and services to visitors and buyers while exploring opportunities and exchanging information. IATF aims to tap into opportunities from AfCFTA’s single market of over 1.4 billion people and GDP of over US$3.5 trillion. 

    Nigeria becomes the fourth country to host IATF. Egypt hosted the maiden edition in Cairo in 2018, while the second edition was hosted by South Africa in Durban in 2021. The third edition returned to Cairo in 2023 before the fourth edition which is currently underway in Algiers. The last three editions of IATF have cumulatively generated over $118 billion in trade and investment deals and attracted more than 70,000 visitors and 4,500 exhibitors. 

    Reflecting on IATF’s journey, Prof. Benedict Oramah, outgoing President and Chairman of the Board of Directors of Afreximbank said “The journey we began in 2017, when we started planning for the inaugural Trade Fair, which was held in November 2018, was a strategic move drawn from Afreximbank’s Intra-African Trade Strategy, launched in 2016. The herculean task of converting vision to reality, mobilising African states, thousands of exhibitors, buyers, and sponsors, among others for an event of such a magnitude was only made possible by the strong support Afreximbank received from many.” 

    The official opening ceremony of IATF2025 was presided over by the President of the People’s Democratic Republic of Algeria, H.E. Abdelmadjid Tebboune. It was attended by thousands of delegates including heads of state and government from African and the Caribbean, as well as business leaders and captains of industry. 

  • Intra-African Trade Fair 2025 Welcomes Dangote Group as Official Premier Partner

    Intra-African Trade Fair 2025 Welcomes Dangote Group as Official Premier Partner

    Intra-African Trade Fair 2025 (IATF2025), Africa’s premier trade and investment forum, is excited to announce Dangote Group as an official Premier Partner. As one of Africa’s leading industrial conglomerates, with over 18 subsidiaries operating across a wide spectrum of sectors critical to the continent’s economic transformation – including cement, fertilisers, petrochemicals, refined petroleum products, sugar, salt, and logistics, Dangote Group will be a key partner for IATF at its fourth edition to be held in Algiers, Algeria from 4-10 September 2025.


    The biennial IATF, hosted by the People’s Democratic Republic of Algeria and organised by Afreximbank in partnership with African Union Commission and African Continental Free Trade Area (AfCFTA) Secretariat, aims to increase intra-African trade and showcase the investment opportunities across Africa.

    The fourth edition will feature a wide participation of production and service companies, alongside an investment and trade forum highlighting Africa’s potential for economic integration. During the week-long fair, more than 2,000 exhibitors, including businesses from the African continent and globally, will showcase their goods and services to visitors and buyers while exploring opportunities and exchanging trade and market information. This is projected to translate into over US$44 billion in trade and investment deals.

    Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank said: “We are delighted to welcome Dangote Group as an Official Premier Partner of IATF2025. As a beacon of African industrial excellence, Dangote Group continues to shape the continent’s economic trajectory through bold investments in manufacturing, infrastructure, and regional value chains. Afreximbank is proud to have supported their transformative projects – including the landmark Dangote Refinery and Petrochemicals Complex and Dangote Fertiliser Plant – through tailored financing and advisory solutions.

    According to the Group Chief Branding & Communications Officer, Dangote Industries Limited, Mr. Anthony Chiejina, “Our partnership with IATF is built on a shared vision of commitment to advancing Africa’s economic growth. Having experienced the tangible impact of IATF2023, we are proud to build on that momentum as a Premier Partner for IATF2025. This platform continues to drive meaningful connections and opportunities across the continent, and we look forward to contributing to its success once again in Algiers.”

    “This strategic partnership underscores our shared commitment to building a self-reliant, prosperous Africa where intra-African trade is the cornerstone of growth. Together, we aim to unlock new frontiers of opportunity and position Africa as a global hub of production, innovation, and trade,” Chiejina added.

    Dangote Group, founded in Nigeria in 1978, is playing a key role in reshaping Africa’s industrial landscape. As one of the continent’s largest and most diversified conglomerates, Dangote drives sustainable development through transformative investments in cement, agriculture, food production, and energy. With a commitment to innovation and self-sufficiency, the Group has empowered millions of Africans, boosted regional economies, and spearheaded infrastructure and manufacturing growth.

  • Non-oil Exports Key To Nigeria’s Economic Rejuvenation, Say Stakeholders At Zenith Bank International Trade Seminar

    Non-oil Exports Key To Nigeria’s Economic Rejuvenation, Say Stakeholders At Zenith Bank International Trade Seminar

    Stakeholders unanimously called for support of Nigeria’s Non-Oil Export Sector at the 7th Annual Edition of the Zenith Bank International Trade Seminar themed “Unlocking Opportunities in Nigeria’s Non-Oil Export Business”, which was held on Wednesday, July 20, 2022, at the Civic Centre, Victoria Island, Lagos and virtually.

    In his Goodwill Message Presentation, the Founder and Chairman of Zenith Bank Plc, Mr. Jim Ovia, CON, called for a concerted effort towards diversifying Nigeria’s export base through the promotion of non-oil exports. Highlighting the importance of non-oil export to the nation’s economy, Ovia pointed out that Nigeria exported cocoa and several other non-oil products for years before oil was discovered. He cited the example of the 25-storey Cocoa House in Ibadan, which was built with proceeds from cocoa exports. He pointed out that many countries in the world, such as Japan and China been successful because they are doing a great deal of innovation, production and manufacturing of goods and services. According to him, we should also look at promoting the nation’s non-oil export sector through technology to create technological giants like Apple, Tesla, and Google. And we already have technology companies in this mould in Nigeria, such as Flutterwave, which has a valuation of $3 billion, making it more valuable than some banks in Nigeria. Speaking further on the enormous potential in Nigeria’s non-oil sector, Ovia highlighted the phenomenal growth of Nigeria’s emerging financial technology (Fintech) companies such as Flutherwave, OPay, Interswitch, Kuda and Paystack, with market valuations of $3 billion, $2 billion, $1 billion, $500 million, $200 million, respectively. According to him, this underscores the enormous opportunity in the Fintech space. He also noted that the most capitalized companies in the world, such as Apple, Microsoft, Alphabet (Google), Amazon, Tesla, Visa, etc., are not oil companies but are in the technological innovation space.

    In his welcome address, the Group Managing Director/CEO of Zenith Bank, Mr. Ebenezer Onyeagwu, said that the annual Zenith Bank Trade Seminar has served as a veritable platform to deepen the conversation on promoting non-oil export in Nigeria, bringing together non-oil export practitioners and relevant government agencies to interact and explore the opportunities and proffer solutions to the challenges of non-oil export in the country. Speaking on the origin of the Zenith Bank Annual International Trade Seminar, Onyeagwu said that the commodity price slump of 2014-2016 was a watershed moment. According to him, “when crude oil prices plummeted from $114.55 per barrel in June 2014 to $28.76 in January 2016, with an attendant effect on the availability of foreign exchange, it was time to look towards the non-oil export sector for a more sustainable source of foreign exchange that is not susceptible to external shocks and price volatility.

    Highlighting some of the salient outcomes of the past six Zenith Bank Annual International Trade Seminar editions, Onyeagwu noted that previous editions’ outcomes have found expression and influenced policy initiatives. For instance, the extension of the period of repatriation of Non-Oil Export proceeds from 90 days to 180 days and the policy mandating shippers not to carry export without a Nigeria Export Proceeds (NXP) Form Number were recommendations from previous seminars. Also, the need to incentivize exporters to repatriate their export proceeds through the official channels and the recommendation to create export terminals across various export hubs in the country were also from past seminars. Also, previous editions recommended having Export Desks in commercial banks, which has now been instituted. He also stated that Zenith Bank has trained over 100 exporters through its Zero to Hero programmes which provide a platform for grooming and exposing beginners to become strong exporters by providing training on documentation, product sourcing, access to market and financing. He noted that Zenith Bank will continue the advocacy of promoting non-oil export.

    Delivering his goodwill message, the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, CON, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, for its laudable initiative in organizing an annual export seminar to explore opportunities in Nigeria’s non-oil export with a view to increasing the nation’s non-oil export base and ultimately increasing its share as a percentage of total export. In his words: “This is why the theme of this year’s seminar “Unlocking Opportunities in Nigeria’s Non-Oil Export Business” is timely and appropriate. This is because the global economy and structure are changing rapidly before our eyes. The previous world economic order underpinned by globalization and seamless trade possibilities seems to be suffering major disruptions lately. We believe Nigeria has a lot of potentials, and we can harness this for the good of our people and country.” He pointed out that the CBN has undertaken several initiatives to promote the non-oil export sector because of its firm belief that the non-oil export sector holds enormous potential to contribute to employment generation, wealth creation and economic growth of the country.

    In his keynote address, the President & Chief Executive of Dangote Group, Alhaji Aliko Dangote, GCON, said that “Nigeria’s non-oil export is quite low compared to other African top oil producers. This exposes the economy to oil price/production risks. There is much room for growth, and the CBN is helping drive this through the RT200 programme”. According to him, the CBN RT200 FX programme, which aims to achieve $200 billion in foreign exchange earnings from non-oil proceeds over the next 3-5 years, has very laudable objectives, including enhancing foreign exchange inflow, diversifying the source of FX inflow, increasing the level of contribution from non-oil export, and ensuring stability and sustainability of FX flows.

    In his Goodwill Message, His Excellency, Wamkele Mene, Secretary General, African Continental Free Trade Area (AfCFTA) Secretariat, enumerated the progress and achievements of the African Continental Free Trade Area and the efforts to improve intra-Africa trade. Also, in his Goodwill Message, Professor Benedict Oramah, President / Chairman of African Export-Import Bank (Afreximbank), highlighted the efforts of Afreximbank to enhance intra-Africa trade through the implementation of the Pan-African Payment and Settlement System (PAPSS). According to him, the Pan-African Payment and Settlement System will make it easy and seamless for Africans to trade amongst themselves and receive payment for goods and services in their local currencies, eliminating currency conversion challenges.

    Zenith Bank remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products and incentives for operators in the sector. The bank launched the Non-Oil Export Seminar in 2017 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria.