Oroh of Zenith Bank highlighting growth opportunities in Nigeria’s non-oil exports

Zenith Bank's Executive Director, Henry Oroh, recently spoke at the bank's third International Trade Seminar, focusing on the growth potential of Nigeria's non-oil exports. Oroh emphasized the need to diversify the country's economy, which is currently over-dependent on oil, accounting for over 94% of the Federal Government's revenues. He highlighted the importance of promoting non-oil products such as palm produce, cashew, and cotton to create a more sustainable economy. Oroh stressed that Zenith Bank's seminar aimed to raise awareness about the opportunities in non-oil exports and the need to reduce the country's reliance on oil. The bank has been actively funding non-oil exports over the years, but Oroh noted that many Nigerians are unaware of these opportunities. He expressed excitement over the high attendance and diverse participation at the seminar, indicating growing interest in exploring non-oil export avenues. One key takeaway from the discussions was the urgent need to improve Nigeria's ease of doing business index, which still ranks relatively low despite recent progress. Oroh acknowledged the government's efforts to promote agricultural lending but urged further improvements in infrastructure and port congestion to support export businesses in the country. He called for a significant decrease in oil dependency, suggesting that non-oil products should account for a larger share of exports to ensure a more sustainable and diversified economy. Oroh also highlighted the potential benefits of developing non-oil exports, including job creation, SME growth, value chain enhancement, and GDP growth. He emphasized that reducing reliance on oil could lead to a decrease in crime rates by providing more employment opportunities. Overall, Oroh expressed optimism about Nigeria's progress towards a more diversified economy with a stronger focus on non-oil exports. During the seminar, participants expressed frustration with the current business environment for non-oil exporters in Nigeria. Oroh's message to the government and authorities was clear - all stakeholders, including businesses, government, and exporters, must collaborate to enhance infrastructure, improve the ease of doing business, and foster a more conducive environment for non-oil exports. Oroh stressed the importance of a collective effort to address challenges such as high business costs, port congestion, and inefficiencies that disproportionately affect SMEs and small businesses engaged in non-oil exports. He called for a patriotic and long-term approach to building a more supportive infrastructure for businesses and expressed Zenith Bank's commitment to being a catalyst for positive change in Nigeria. Oroh's closing remarks reflected hope for a future where Nigeria's non-oil export sector thrives, benefiting both the economy and the local workforce.